In market research, researchers need to determine the market research tools. There are different types of tools used in market research, including interviews. On interviews, all questions are usually composed and asked by the expert level called Market Research Analysts. They conduct research on consumers’ behavior, market, competitors, and evaluate information using statistical methods and software.
These are general examples of market research questions along with the answers:
- What is Market Research?
Market research is the process of understanding the needs and preferences of a company’s customers as well as the trends in the market. From this research, the company will gather valuable information and use make reports out of it to reach a conclusion.
2 . How many types of Market Research are there? Explain each of them.
In general, there are two types of market research: primary research and secondary research. Primary research is done to get first-hand information which usually more time consuming and costly. Primary research typically includes interviews, questionnaires, surveys, focus groups, and so on.
On the other hand, secondary research uses information from the research conducted by other people. The information is usually already available in the public domain such as government statistics, industry associations, trade publications, company websites, market research reports, and other public sources. Unlike the primary research, secondary research is less time-consuming and less expensive even free.
3. How would you communicate your research results to a client?
The market research results are reported or presented. You need to provide the raw data to allow them to make their own analysis based on it. If it is a large data set, it’s advised to use diagrams to present the data.
On the other hand, if the information is from a focus group, you need to transcribe a report. It is notable that you show an effective method of communication and presentation to a client. There are different types of market research based on the purpose. Each market research has different importance, including to identify marketing strategy, tracking your competitors’ progression, and minimize the loss in your business.
4. What are the different types of tools used in market research?
Generally, there are five tools in market research, including interviews, surveys, questionnaires, social networks, and focus groups. Market researchers have to decide which tools to use in their research, based on budgets, skills of researchers, available research, and time.
5. When Do We Need Market Research?
Market research is important as it’s one of the keys to drive sales for your business. Here are when your business needs to conduct market research:
- When you are preparing for market strategies
- When you want to understand your customers’ needs and wants
- When you want to identify market opportunities
- When you want to be competitive
- When you want to reduce the risk of products fail
- When you want to know new market trends
- You want to determine your campaign formula
- You want to solve your company’s problems at an earlier stage
- You want to improve your business’ sales
- When you want to launch new products on the market
Source: grb.uk.com and tutorialride.com
