Market Research : Do It Yourself
Transcript of Market Research : Do It Yourself
MARKET
RESEARCH
DO IT YOURSELF!
1 FIGURE
OUT WHAT YOU
WANT TOSOLVE
Successful products has a purpose and role in the market. People want it to be there, whether
because it looks good, its useful, or its too expensive to miss out.
Your market research will look into how you can possibly
position your product strategically to serve the public.
Market research helps to put things into perspective,
e.g. the market size, customers’ characteristics and needs, demands, competitors etc.
2 SET AN
OBJECTIVE
Things can get out of hand easily when you are bombarded by the thousands of information available.
Keeping a clear objective helps to keep you straight on track.
Tips!Using 5 Hs 1 W (how,
why, what, when,
where, who) is a good
way to start.
Your product is not an ultimate solution to all problems in this world (yet), so knowing the final conclusion
you want to have allows you to
focus on only what you need to
know.
3 START YOUR RESEARCH
There are generally two types of research:
and
Field Research
Desk Research
DESK RESEARCH
Desk research involves looking for existing and available data, whether it is on the Internet, newspaper,
magazine, or databases.
It is easier and less costly.Existing companies can do desk research using their
internal database that contains information of how the market has changed and how the company had adapted
to that.Keep an open mind and follow up on as many leads as
possible. Avoid restricting your vocabulary to terms like ‘market
research’, ‘statistics’ if you can as they may give a limited view of the whole window.
FIELD RESEARCH
This involves communicating directly to customers and getting an uncut respond from them. This method is
more costly, so this is usually done when you need more than what desk research can give you.
However, it is still worth the effort because you can customize the method to get a result that is more
relevant and useful to your objective.To do this, the method must be arranged to collect the
appropriate response. It can be on people’s perspective (Opinion), reasoning
(Motivation), or statistics (Measurement).
Some examples of methods may be:
Interviews
Surveys
ObservationTrial run of
product
Experiments
Questionnaire
Do not let the tedious tasks tempt you into
cutting corners and as result collected data that does not fully reflect what you needed to know.
SIDE NOTE
New business ideas are coming out more now as people change their lifestyle and beliefs. Sometimes
these new ideas doesn’t sit well with the old thinking and you may find more opposing opinions
than agreeing ones. Not because they don’t exist but they are not there for you to find, as the
conventional style of researching does not suit what you are looking for.
This is when conducting your own market research can help you out. There is no exact way to finding certain information. Our info here only serves as a
guidance, so feel free to adapt it yourself, and keeping in mind what you truly want to look for.
Remember, if you can’tfind it does not mean it doesn’t exist!
END NOTE
With the information technology we have now, we definitely have a more
convenient access to our surroundings.
The Internet has almost become our only source of information but it is
really much more convenient.We hope you do your homework well
and May The Odds Be Ever In Your Favour!
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