Market research is a type of marketing technique in which surveys, analyzes and interacting with consumers get important information about the new product. We can also understand market research in such a way that before any company brings its new product into market, how does the demand for that product be generated in the market? The company also looks at who will be the consumer category of its product, women, men or children.
Suppose a company wants to bring soap into the market, then the company market analyzes whether it should be a face sop or body soap. All information related to the market and consumers, information about the likes and dislikes of consumers is collected. After that the product is lowered into the market.
In order to spread any new product or services to the market under market research, firstly it is necessary to collect detailed figures or data that are carried out by market research. The job of market research is to determine who will buy any new product or service in the market, who will be the buyer of it. Not only do they work on new products and services, but also work on market strategies.
These surveys use statistical techniques to design data collected from conceptual vote, question and answer. Market research is one of the most active and attractive careers. Market research is a teamwork that executes a group of individuals. Considering the growth of companies in India and the need for a complete authentic marketing plan, the reliance on the data generated by the market researcher has increased greatly.
Most market research activities are operated by specialized companies. There are unlimited opportunities in this industry, leading the day to day development path. In this, exploration and compatibility develops on regular basis and innovation remains in business. It is the first requirement of a learner prepared with good analysis skills for market research work.
Market researchers collective data on the consumer's choice, shopping habits, the price of that product and the basis of the sale in the market and perform analytical studies. For this, they have to prepare reports, graphic illustrations such as tables, charts, slides, etc. so that they can be explained through the presentation. Apart from this, the market researcher also monitors the demand for which product is high and what are the expectations of the consumer's product?
Market research comprises three major areas, namely- 1. Research, 2. Field Work and 3. Data Analysis.
- 1. Research: The main task of this department is to find out the issues related to the market and collect data. Also find out how many people are using the product. The task of making research reports and proposals is also the responsibility of this department.
- 2. Field Work: Field work is done through phone, mail or house-to-house market survey.
- 3. Data analysis: Analysis of material collected under data analysis is carried out to the result.
The different terms commonly available in a market research agency are as follows:
- 1. Research Director: This is the most seniormost post in the market research organization. He is the chief responsible post for the design and correct delivery of the Market Research project.
- 2. Research Manager: It reports to the Research Director and provides active support to market research projects on time in the right delivery.
- 3. Research Superintendent: It is a part of the team formed for the development and direction of the project. He also works with Research Analyst and Research Manager in Designing and Data Acquisition.
- 4. Research Analyst: Its work is linked to data analysis and report presentation. Market research in India is growing rapidly. Marketing research outsourcing is emerging as a popular outsourcing revenue producer. The total size of the Indian market for marketing research is considered close to two billion US dollars.
There is a trend of growth in the market research industry. Definitely it will show an impact on the Indian industry, which can be expected to get 10-15% of the market outsourced market research projects from other parts of the world. The educational qualification that is required to make a career in the field of market research is as follows - Those who want to do research work as a must have an MBA in marketing.
In addition, there are bright opportunities in this field for postgraduate youth in sociology, psychology or anthropology. Those young people who want to work in field work must have a good communication skill as well as a degree in statistics, geography, economics, social science or computer science. Talking about employment in this area, companies, educational institutions, even the government also need a market researcher, so this area has bright prospects.
Multinational and marketing organizations, government departments and research institutes work in-house market research operations, which require market researchers. Government departments also need a market researcher to know the opinions of people on important issues. Given this, there is no shortage of opportunities in this area. There are many regular and remote teaching courses that can help provide the skills required for a market researcher. Market Research is available as a major subject in all B-schools' courses. There are also many popular courses available in the distance learning system.