What is Market Research?
Market research is the process of collecting and analyzing information in order to assist businesses in identifying consumer needs and wants in order to form better advertising and marketing decisions. It is also referred to as “consumer research” because it makes inquiries regarding the business environment including economic trends, structure, and competitors.
Market research can be conducted in a number of different ways. Online surveys are becoming a more and more popular method of sampling consumers although telephone, mail, and in person interviews are still viable methods of conducting surveys.
Why It’s Important
Market research plays a very important role in marketing because it assesses the needs and wants of consumers. Organizations want as much information as possible about their target market so that they can target their goods and services more effectively, and market research allows them to obtain this information.
It also reduces risk for marketers. Although it is not an exact science, it serves to supplement existing market procedures and aids in making better marketing decisions.
Who Conducts Market Research?
Almost every major organization you can think of either has an in house market research team, or they hire one on an on-demand basis. Major brands such as Starbucks, Coca-Cola, Kraft, and Microsoft all use the data they collect from market research to make better business decisions. Government organizations, non profit companies, and stores and brands for everything you can imagine all take part in this important form of research.
How Can I Get Involved?
Market research involves people being polled or surveyed, and this is how you can take part. Online surveys are the easiest way to get involved, and it’s completely free to do so. On our website, simply visit the Surveys List page, and sign up for every market research company listed under this section. By doing so you will maximize your chances of being selected to take an online survey.
Once you register, you will be sent online survey invitations by e-mail. You can choose whether or not you would like to participate in a survey, as the e-mail itself will contain information such as the topic of the survey, the approximate length of time it will take for you to complete as well as the type of incentive you will receive for completing it.