When a company decides to implement the design, definition and implementation of a business strategy, it is accompanied by a whole process of gathering information and analysis, to ensure the success of your campaign and reduce risks. When conducting a market study there are many ways to investigate the market in which we want to enter.
During the process of data collection, there are many sources of data that can be accessed and there are many classification of research marketing that we can find.
Market research classes
In recent years, the development of technologies and information systems has been crucial for companies, since today we have access to a quantity of data unimaginable just 20 years ago.
Depending on the objectives of market research, we have a multitude of classification of research marketing to go to. It will depend on the type of data we want to obtain, on the resources we have available, on the complexity of our strategy and, also, on the market that we want to cover in the research that we choose one type or another of market research.
There are different classification of research marketing. We detail them below:
- Exploratory or qualitative research.
It is a market research model that is made at the beginning, when the initial decisions are made. It must be a short process and where we invest little money. We will obtain information about consumers, preferences, economic situation, etc. For example, you can do it through surveys or tests.
- Conclusive or quantitative research.
Much more accurate than the previous one, since surveys are already being carried out, for example, to a large number of people, in order to draw concrete conclusions and statistics. Currently the focus group is one of the best techniques available to carry out this research.
- Primary research or field research.
This market research is carried out through companies that obtain data from the competitors: what products are sold, how much is sold, how much is produced, who sold them, etc. This investigation is obviously expensive. But it allows to obtain very interesting, serious and truthful information.
- Secondary research or cabinet investigation.
Through this type of market research you get information that is public, so that anyone has access to it.
- Continuous research.
This market research is conducted in the same geographical area and periodically. In this way, changes are detected in preferences, new focuses or places of action or factors that may affect or alter data or interests.
- Timely research.
This kind of market research is done to a specific social group (for example, women between 20 and 25 years old), for a specific product (lipstick) and at a specific time in the season (summer season 2019).
- Motivational research.
It is an investigation for commercial purposes. There is a meeting of a small group of people where the topics are treated by a psychologist specialized in the area, who is marking and guiding the meeting.
- Experimental research.
In this kind of market research certain experiments are carried out to the consumers in order to evaluate their reaction to several commercial actions (for example: disgust, curiosity, closeness, etc.).
- Applied research.
This type of market research is aimed at detecting the failure of a certain strategy.
Now that you know how to research the market where your business is moving, you can consult all the information about the creation of a company and other tips for entrepreneurs.
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