*Hi,
*Analyzing the market situation, condition and opportunities is market research. Market research provides basic information for decision making. But market research doesn’t provide hundred percent accurate forecasting in any case. Conclusions of the market research are only the indicators of future market. Different market research methods used for different category of products and services in different markets(Rural and Urban). And no limit of such methods. Generally new methods developed for launching a new product or services.
Let’s take an example, why are the market research in public places not 100% accurate.One day I was passing from the Hazratganj market in Lucknow. One of my friends was with me. We stopped near a shop. My friend went inside shop and I started on phone outside the shop. Within a minute, a young man approached me with some papers. He said, " Excuse me, we are doing a market research to launch a new brand of cigarettes. Can you fill the answers of the questions written in papers?" Kyn Bhai, hum market me exams Dene aaye hain or we are free here for you. This is the simple thinking of most of the people(I am leaving few exceptional).
Ok. I started with half hearted because the research sheet consists more than 5 pages. I was in third page then my friend came out. I finished sheet hurriedly. Did I provide the accurate data in response sheet? I was not sure because the response sheet was so long and I didn’t read perfectly. How many of us spend our time to provide accurate data of street market researcher?
This is the initial step of data collection. If it will go wrong, everything will go wrong. No matter, how experienced is, your data analyst. So the data collection from the market required care of some important things.
· Questionnaire sheet must be short
· Questions should be crisp and to the point
· Data collection agents speak well and nicely
· He must not disturb busy person. Either will get wrong information.
· Data collection must be from related person
Market research, from the general public, must look beneficial. It will increase the involvement of the people. Some lucky draws or social responsibility announcements must be helpful. Then respondents will feel to answer seriously.
*Jury Method
*Personally I feel that jury method is the best way to collect the data. In this system, Independently, many market experts give their opinions and finally conclusion and decision taken by a centralized head. Jury team includes consultants, specialists, dealers, distributors, some bulk user and whoever other persons applicable. These persons provide best of their market experiences. So this method is helpful for every kind of products and services.
Mouthshut.com is also a great source for market research. Most of Mouthshutians write their honest reviews. If any research company need, can access data. This is the bright business of Mouthshut.
Other Source of Market research is as follows-
· Web based data collection and market researc
· Journals, magazines and Newspapers
· Government Annual reports
· Other companies or research groups who had done the same kind of Market research
· Industrial reports(CII, FICCI etc.)
· Research educational organizations
· And finally your valuable contacts
Collection of right and less data is acceptable but collection of wrong and in bulk is the waste of man and money. **Share your innovative market research thoughts in comment section.
*N’joy