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How To Do Market Research

The market research is the process through which certain information is collected from the market, this information is analyzed and, based on this analysis, decisions are made ​​or designed strategies.

The depth of market research and the need for it can be diverse and can range from a somewhat informal research that allows us to better meet our customers through small surveys, to a formal investigation, costly and several months of duration to allow us to test a hypothesis market.

Whatever the case, is usually thought to conduct a market research is a complex task that is why we should hire the services of a specialist that do for us now (which often charge hundreds or even thousands of dollars); However, the truth is that making a marketing research is something that any of us can do if we have the will and know the steps.

Let’s look at what are the steps to do market research, along with a simple example that will help us gain a better understanding:

1. Determine the need for research

The first step is to determine the need for research; that is, the reason why it is necessary to perform it.

Generally, the need for market research arises from a problem or opportunity that has been presented.

If a problem arises, there may be the need for an investigation to find the cause and solution of it, and should there be an opportunity, there could be a need for an investigation to determine if this really is an opportunity, and find out how you can leverage.

Example: We have identified the opportunity to launch a new product to market, which is a new brand of shirts for men, so there is a need to conduct a market research that allows us to determine the feasibility of launching or enter the product to market.

2. Establish the objectives of the research

Once you have determined the need for market research, the next step is to set goals that will have the same.

The objectives of market research must arise from the need of research.

If the need arose from a problem, the objectives may be related to find the cause and solution of the problem, and if the need arose from an opportunity, objectives could be related to determining the feasibility of the idea, and knowing how to take full advantage.

Example: Once you have determined the need for market research that allows us to determine the feasibility of launching a new brand of men’s shirts to the market, we set the following objectives:

  • know the possible consumer reaction that forms the target before the introduction of a new brand of shirts to market.
  • know the tastes, preferences, customs and habits that make up the target with respect to the purchase or use of the garment shirt.
  • determine the possible selling price could have each of the shirts.

3. Identify the information to be collected

Once you have determined the need for and objectives of the research, the next step is to identify the information we need and therefore collect.

The information collected should be to allow us, once analyzed, meet the need and objectives of the research.

Example: To assess the feasibility of launching the new brand of shirts to market and achieve the objectives, we determined that the information we need and collecting shall be:

  • acceptance of a new brand of shirts by consumers making up the target audience.
  • at first it was fixed when buying a shirt.
  • their models and favorite colors.
  • places generally buy their shirts.
  • the average amount usually pay for a shirt.

4. Determine the sources of information

Once we have identified the information that we collect for research, the next step is to determine the sources from which we will obtain such information.

The sources of information are usually classified into primary and secondary sources:

  • Primary Sources : are sources that provide information “first hand” to the present investigation. Examples of primary sources are the consumers, competition, company employees, the company records, etc.
  • Secondary Sources : are sources that provide information that has already been collected and used for purposes other current research. Examples of secondary sources are the databases of the enterprise, government agencies, books, newspapers, magazines, etc.

Example: Once you have determined the information we collect in order to achieve the objectives of our investigation, we determined that the sources of information that we will use will be shaped by consumers who make up our target audience.

5. Select and develop techniques for collecting information

Once you have determined what is the information we collect, and where we are going to get, the next step is to determine how we are going to get; ie select and develop the techniques or methods of gathering information that we will use.

Among the main techniques or methods of data collection used in market research are thesurvey , interviewing, observation , the market test , the focus group and survey.

Example: to gather the information we need will make use of the technique of the survey, which was conducted on a representative sample of the target audience. Some of the questions included in the questionnaire of our survey are:

  • Are you willing to try a new brand of shirts?
  • What is the first thing that you set when deciding to buy a shirt?
  • What are your favorite models?
  • What are your favorite colors?
  • Where do you usually buy your shirts?
  • How much is what usually pay for a shirt?

6. Collect information

Once you have determined the information we collect, sources where we get, and the techniques or methods of collecting information that will use, the next step is to effectively make the collection of information.

To do this, previously named the charge or responsible for gathering the information, the train if necessary, and determine the place or places where it is held, the date when it will start and how long it will last.

Example: Once you have determined that we will make use of the survey and have designed our questionnaire, we turn to appoint personnel to make the target audience surveys, and make it effective.

7. Analyze information

Once you have collected the required information, the next step is posting it (count data), processing (sorting the data, tabulate, encode), interpret, analyze and draw our conclusions.

Example: Once the information collected through surveys, data were tabulated, analyzed and the following conclusions were obtained:

  • launch a new brand of men’s shirts market is feasible, as there is sufficient demand and consumer forming the target audience is willing to try a new brand of long shirts and when it is of good quality.
  • the first thing a consumer that makes up the target audience when deciding fixed by buying a shirt is the model and the quality of the fabric.
  • There is a preference for bold patterns and bright colors.
  • the consumer that makes up the target audience usually buy their shirts in department stores.
  • the average price you usually pay for a shirt is $ 25.

8. Make decisions and design strategies

Finally, once you have analyzed the data collected and received our findings, the next step is to make decisions or design strategies based on the analysis and conclusions drawn.

Example: Once you have analyzed the information collected and concluded primarily to launch a new brand of shirts to the market is feasible, we make the following decisions or design the following strategies:

  • the decision to introduce the brand new shirts to the market is taken.
  • we proceed with the design and manufacture of shirts, paying special attention to the quality of the fabric and striking design models based on light colors.
  • it comes into contact with different intermediaries that serve as outlets, giving more importance to department stores.
  • the decision that the sale price of each shirt will be US $ 20 is taken.

How To Do Market Research

The market research is the process through which certain information is collected from the market, this information is analyzed and, based on this analysis, decisions are made ​​or designed strategies.

The depth of market research and the need for it can be diverse and can range from a somewhat informal research that allows us to better meet our customers through small surveys, to a formal investigation, costly and several months of duration to allow us to test a hypothesis market.

Whatever the case, is usually thought to conduct a market research is a complex task that is why we should hire the services of a specialist that do for us now (which often charge hundreds or even thousands of dollars); However, the truth is that making a marketing research is something that any of us can do if we have the will and know the steps.

Let’s look at what are the steps to do market research, along with a simple example that will help us gain a better understanding:

1. Determine the need for research

The first step is to determine the need for research; that is, the reason why it is necessary to perform it.

Generally, the need for market research arises from a problem or opportunity that has been presented.

If a problem arises, there may be the need for an investigation to find the cause and solution of it, and should there be an opportunity, there could be a need for an investigation to determine if this really is an opportunity, and find out how you can leverage.

Example: We have identified the opportunity to launch a new product to market, which is a new brand of shirts for men, so there is a need to conduct a market research that allows us to determine the feasibility of launching or enter the product to market.

2. Establish the objectives of the research

Once you have determined the need for market research, the next step is to set goals that will have the same.

The objectives of market research must arise from the need of research.

If the need arose from a problem, the objectives may be related to find the cause and solution of the problem, and if the need arose from an opportunity, objectives could be related to determining the feasibility of the idea, and knowing how to take full advantage.

Example: Once you have determined the need for market research that allows us to determine the feasibility of launching a new brand of men’s shirts to the market, we set the following objectives:

  • know the possible consumer reaction that forms the target before the introduction of a new brand of shirts to market.
  • know the tastes, preferences, customs and habits that make up the target with respect to the purchase or use of the garment shirt.
  • determine the possible selling price could have each of the shirts.

3. Identify the information to be collected

Once you have determined the need for and objectives of the research, the next step is to identify the information we need and therefore collect.

The information collected should be to allow us, once analyzed, meet the need and objectives of the research.

Example: To assess the feasibility of launching the new brand of shirts to market and achieve the objectives, we determined that the information we need and collecting shall be:

  • acceptance of a new brand of shirts by consumers making up the target audience.
  • at first it was fixed when buying a shirt.
  • their models and favorite colors.
  • places generally buy their shirts.
  • the average amount usually pay for a shirt.

4. Determine the sources of information

Once we have identified the information that we collect for research, the next step is to determine the sources from which we will obtain such information.

The sources of information are usually classified into primary and secondary sources:

  • Primary Sources : are sources that provide information “first hand” to the present investigation. Examples of primary sources are the consumers, competition, company employees, the company records, etc.
  • Secondary Sources : are sources that provide information that has already been collected and used for purposes other current research. Examples of secondary sources are the databases of the enterprise, government agencies, books, newspapers, magazines, etc.

Example: Once you have determined the information we collect in order to achieve the objectives of our investigation, we determined that the sources of information that we will use will be shaped by consumers who make up our target audience.

5. Select and develop techniques for collecting information

Once you have determined what is the information we collect, and where we are going to get, the next step is to determine how we are going to get; ie select and develop the techniques or methods of gathering information that we will use.

Among the main techniques or methods of data collection used in market research are thesurvey , interviewing, observation , the market test , the focus group and survey.

Example: to gather the information we need will make use of the technique of the survey, which was conducted on a representative sample of the target audience. Some of the questions included in the questionnaire of our survey are:

  • Are you willing to try a new brand of shirts?
  • What is the first thing that you set when deciding to buy a shirt?
  • What are your favorite models?
  • What are your favorite colors?
  • Where do you usually buy your shirts?
  • How much is what usually pay for a shirt?

6. Collect information

Once you have determined the information we collect, sources where we get, and the techniques or methods of collecting information that will use, the next step is to effectively make the collection of information.

To do this, previously named the charge or responsible for gathering the information, the train if necessary, and determine the place or places where it is held, the date when it will start and how long it will last.

Example: Once you have determined that we will make use of the survey and have designed our questionnaire, we turn to appoint personnel to make the target audience surveys, and make it effective.

7. Analyze information

Once you have collected the required information, the next step is posting it (count data), processing (sorting the data, tabulate, encode), interpret, analyze and draw our conclusions.

Example: Once the information collected through surveys, data were tabulated, analyzed and the following conclusions were obtained:

  • launch a new brand of men’s shirts market is feasible, as there is sufficient demand and consumer forming the target audience is willing to try a new brand of long shirts and when it is of good quality.
  • the first thing a consumer that makes up the target audience when deciding fixed by buying a shirt is the model and the quality of the fabric.
  • There is a preference for bold patterns and bright colors.
  • the consumer that makes up the target audience usually buy their shirts in department stores.
  • the average price you usually pay for a shirt is $ 25.

8. Make decisions and design strategies

Finally, once you have analyzed the data collected and received our findings, the next step is to make decisions or design strategies based on the analysis and conclusions drawn.

Example: Once you have analyzed the information collected and concluded primarily to launch a new brand of shirts to the market is feasible, we make the following decisions or design the following strategies:

  • the decision to introduce the brand new shirts to the market is taken.
  • we proceed with the design and manufacture of shirts, paying special attention to the quality of the fabric and striking design models based on light colors.
  • it comes into contact with different intermediaries that serve as outlets, giving more importance to department stores.
  • the decision that the sale price of each shirt will be US $ 20 is taken.

The Suggested Promotional Products

Promotional Products

Using promotional products is one way to market our company. Even though the promotional products are not related to our company products, but they are able to make us closer to the customers. For example, even though we have computer store or IT industry, we can give accessories or apparels as our promotional products. Accessories and apparels are recommended because customers can use it during their daily activities and they can remember us because the apparel or accessories are helpful.

Not only giving a function, if we are giving apparel or accessories as our promotional products, the customers will often use or wear it everywhere they travel and people who often see our logo in the apparel will feel familiar with us. What are the recommended accessories or apparels for our promotional products? We have many choices like jacket, t-shirt, polo dress, and many others.

Accessories like promotional caps, gloves, or even make up bag can be a good idea. For some of us, the accessories or apparels look too expensive, but we have to remember that the promotional products are the forms of investment, so the bigger our investment, the bigger outcome we will get. Therefore, let’s start to choose the perfect promotional products for our company.

The Custom Pins

Custom Pins

A company can actually grow because of the consumers. As great as any product produced, without the user’s role every product that you produce will mean nothing. So, we have a great collection of custom pins. In fact, you could say most of the design that emerged was the result of input from consumers. Where the preferred design will be developed and marketed in the society.

The role of wood pin users not only reflected in the statistics of the items is preferred, to then be made more, but more than that some designs are made based on consumers’ own desires. Some designs intended for the purpose of the event or a typical market, which may not be used for other purposes and markets. These peculiarities are set for both in terms of shape, color and writing. Products like these are actually more profitable because the target market segments are more certain.

How to make your own custom pins design is depending on the creativity and the purpose of making these pins. What is clear, we can start by examining a variety of existing designs from any media source. Making a form that exists as a source of inspiration is legitimate. We can find a completely new shape, or develop from the already popular shape or regular visits. Creating a creative variant is something natural, not crashing around copyright laws. While tracing, another concern as creative individuals, we are always required to create something new from the materials or goods that we have. On this occasion, we will use wood to be made into beautiful pin accessories.

In other words, they will be making pins adjusted to your taste. How do you want the pin to be made? Just say the word and they will make it for you and delivered it in no time

Put the Business Presence with Promotional Products

Promotional Products

In condition that you own low financing used for promotion, get pens with logo can become suggested alternative. Of course, there are a variety of designs, styles and colors of these pens that you will be able to select to deliver your message to prospective and accessible clients.

The promotional product like these pens with logo used for business can be measured as inexpensive and great approach of promotion instrument. There are a range of approaches measured as intentional promotional marketing products. These pens are able to be simply modified as gift meant for your clients or during business symposium and meeting. You are able to place the logo of your company on these pens in smart design and style.

For sure, the materials to be applied are based on your financial plan and requirements. If you are not really consider the financial plan, selecting the promotional pens with logo and used sophisticated technology like techno flash drive or pens with USB connection can be converted into a very good way to crack down on your clients. If your business takes environmental sides into account, selecting the pens with recycled materials is a very good approach to prove your company existence. Go to Freshpromotions com au, and find a lot collection of promotional products like these pens and lanyards at the best cost.

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