Market Research Overview

Market Research Overview

• Defined as gathering, analyzing, and interpreting information regarding products or services for potential consumers.
• Essential for understanding market demands and consumer preferences.

Data Collection Methods

• Surveys: Commonly used for primary research, utilizing questionnaires or interview schedules.
• Focus Group Discussions (FGD): Effective for generating and screening ideas and concepts.
• Interviews: Reliable method for obtaining relevant information from target customers.

Tips for Data Gathering

• Organize data promptly after collection to maintain clarity and relevance.
• Know the intended message to guide data relevance during the collection process.
• Employ diverse strategies:
  • Collect existing data
  • Create new data actively
  • Conduct regular experiments to test assumptions
  • Set reasonable expectations for data outcomes
  • Take note of intriguing data points for future analysis

Guidelines for Surveys

• Keep questionnaires simple and coherent for ease of understanding.
• Ensure clarity and visual appeal to encourage participation.
• Cluster related questions together to enhance logical flow.
• Begin with simpler questions and gradually progress to complex ones.
• Use concise language to avoid confusion and ensure questions are easily answerable.
• Implement consistent response scales with exclusive categories.

Interview Types

• Personal Interview: Traditional method providing in-depth responses.
• Telephone Interview: Cost-effective and time-efficient, though response rates may vary.

Focus Group Discussion Details

• Sessions typically last between 90 and 120 minutes, allowing for extensive idea generation and evaluation.