Entrepreneurship

By
Beenish Qureshi
Visiting Faculty
 Topic:
Marketing Research
 Market Research

The vehicle for gathering the information that serves as the foundation for
the marketing plan; it involves systematically collecting, analyzing, and
interpreting data pertaining to a company’s market, customers, and
competitors.
 Common market research mistakes
Here are three common missteps that we see:
1. Relying on free data from the Internet
The web is a great starting point, but often this information may be
incomplete, outdated or too superficial to be relevant to your business
decisions.
2. Surveying your personal network
Again, it can be a great starting point to talk to friends and colleagues.
But for truly meaningful insights, you need to hear from sales
prospects, customers, suppliers and other stakeholders in your
business.
3. Relying only on unreliable feedback
Businesses often receive feedback from customers and other
stakeholders. But a few data points are not enough. Business insights
need to be collected in a systematic way.
•
 Types of Market Research
Whether an organization or business wishes to know purchase behavior
of consumers or the likelihood of consumers paying a certain cost for a
product, market research helps in drawing meaningful conclusions.
Depending on the methods and tools required, following are the types:
1. Primary Market Research
2. Secondary Market Research
 Primary Research

• Customer surveys and questionnaires

• Focus groups
• Daily transactions
• Other ideas
 Secondary Research
• Business directories
• Direct mail lists
• Demographic data
• Census data
• Forecasts
• Market research
• Articles
• Local data
• World Wide Web
How to Conduct Market Research
• Thankyou