WHAT IS MARKET RESEARCH BASED?

[usmanfarrukh]

Could any body please tell me what market research is based on. Is it simple swot analysis? Or something else ? Please help me out . Thanks

[top]

dear sir,

what it means here, you always have a foot fall in the business you already know,if you know how you know, your experience , area of expertise, your study about your potential competitors, your clients, down falls, advantages, profit and potential that you expect comparing to other businesses etc. when you put all that on a piece of paper its the research.

hope it helps..

[famous]

market research is basically about the industry research, customer profile research, product market share, competition market share, what effects your industry, then if u have identified a locality to set up your business then what kind of area, what kind of customers you have there, who are ur suppliers, any rent you will pay research on that. what competition is doing. SWOT analysis. what kind of marketing competition is doing. what custoemrs actually want. etc

[samaygrg]

Hi
Your market research must be based on 2 key elements analysis of the market that will heavily influence your business activity.

1. who are your real customers?
2. who are your key competitors?

Yeah, later its final findings you can put into your SWOT table, if you wish.

Hope that helps little bit.

Could any body please tell me what market research is based on. Is it simple swot analysis? Or something else ? Please help me out . Thanks