What Does market research Mean
From the Latin investigare , an investigation consists of carrying out different errands to discover something. The concept also allows to name the search for knowledge and the realization of intellectual and experimental activities to increase the information on a certain subject.
Market , on the other hand, is the social environment that enables the exchange of goods and services . It is an institution where sellers and buyers establish a commercial link to carry out exchanges, transactions and agreements.
The market research , therefore, is the process that allows to know the commercial operation . This procedure must be systematic (with a pre-established plan), organized (specifying the details related to the study) and objective (its conclusions must leave aside subjective impressions).
When conducting market research, the analyst must collect, process, and analyze information related to different aspects of marketing . The objective is the development of a strategic plan that allows the launch or positioning of products.
When any company decides to carry out market research about itself and what it offers to customers, what it basically wants is to achieve three main types of objectives:
• Administrative. In this case, what it seeks is to be able to achieve a greater development of the entity. And for this, correct planning is essential, an exhaustive knowledge of the needs of individuals and also the control and proper use of the resources it has.
• Social, that is, customers are fully satisfied with the product or service offered by the company. To do this, an attempt is made to discover what they need and want in this regard.
• Economic. In the same way, many are the businesses that carry out market research with the clear objective of discovering what level of success or failure they can have if they decide to embark on a new project.
Starting from all this, and therefore taking into account the characteristics that define market research, it can be deduced that it offers the companies that carry it out an important series of advantages:
• It gives them real and exact information on the market in general and your position in it in particular.
• It informs them of the bases to make the most appropriate decisions regarding their work.
• It allows them to perfectly discover the needs and tastes of citizens and especially their potential customers.
• It helps them to know how they can change in order to grow and reach their audience.
The economy , the sociology , the psychology and science communication are some of the specialties that provide theories and techniques for the development of market research.
A well-conducted market research allows us to understand what is happening in the market, determine what are the main trends, who are the company's competitors, how the products are positioned and what are the needs of consumers. With these data, decision-making at the leadership level is facilitated.