Market Research a Vital Tool For Businesses [Infographic]
Participate in Market Research: Add Value and Get Rewarded
What is market research?
Market research is the process of collecting data to determine whether a product/service will satisfy customer’s needs. In other words, it’s the process of collecting information to understand how satisfied customers feel about a product/service.
Market research is not only about the levels of satisfaction of existing products/services, it could also be about launching new products/services or identifying new business opportunities.
How do companies get all this information?
There are two types of research:
It is basically new research, carried out to answer specific questions that a company is interested in. It could be done through surveys, focus groups, personal interviews, observation or field trials.
It makes use of existing information that has been previously researched for other purposes by the company or others. This information is available publicly.
Regarding the purpose of this article, we are interested in primary research since it’s the one you can participate, influence businesses and get rewarded.
Do you know why market research is important?
Market Research is important because it has a direct impact on businesses. In order to make decisions companies need information, and that information comes from the market research, which at the end of the day comes from you.
The whole purpose of their business is to offer you something you need, want or something they know you’ll love and you don’t even know you want it.
Have a look at the following Infographic and the examples it contains about how you influence even the big brands.