Get to know Market Research: Complete Methods and Examples 2022

In the field of marketing, in addition to product marketing, market research will usually be carried out first. Market research is also carried out to find out how marketing strategy product can be done.

Because, good product marketing is one that can be accepted by all levels of society, so market research is very necessary so that product targets can also be appropriate.

So, what is market research and how do you do it? Check out the following explanation of market research!

What is market research?

Quoted from HubspotMarket research is the process of gathering information about the target market and customers of your business to verify the success of the product.

Indirectly, market research acts as a process of analyzing the feasibility of marketing a new product.

The market research process will be carried out through several stages, namely problem formulation, objectives, data collection and processing, evaluation, until finally it can be formed as a result of marketing analysis. Through this market research process, companies can find targets that match their products, so that sales will also be able to increase and be faster.

The main purpose of market research is to examine the target market regarding the company's products or services and can also be used as a form of reference for how the target will react to your company's services or products. Later, the information generated from market research can also be used for marketing or advertising development, because with the information that is appropriate to the business audience, it will be easier to determine which features should be used.

Market research function

There are many uses or functions of market research, including:

As a marketing strategy evaluation

Market research has the first function to carry out an assessment of the previous marketing strategy or program, this function can also include when a company wants to conduct a reassessment related brand positioningfrom other competing companies. Thus, the market research team will be able to solve problems and make better decisions.

To get to know consumers

With market research, companies can identify their target consumers by understanding the specific preferences of consumers or customers. Consumer behavior is also one of the important indicators for running a business, because a product is made on demand (demand) from market.

As a business plan

Market research can also be used to formulate future business planning strategies, especially nowadays developing a business is quite difficult because of the many growing companies.

Business monitoring

The last function of market research is monitoring ongoing business processes, monitoring or monitoring processes are also usually more focused on monitoring trends, demographics, operations, to the effectiveness of usage. marketing channel.

Market Research Objectives

According to Glenn Doman (2002), there are 4 main objectives of market research, namely:

1. Analyzing the Market

The market analysis process will provide important information about the market potential for a product or service. The information includes potential customers, potential markets, business locations, and competitors.

2. Analyzing Market Responses to Products

This research will provide information on the estimated potential of a product/service in the market. The assessment process can be carried out before the product or service is launched, for example by conducting a survey.

3. Analyzing Promotion Effectiveness

This research activity can also help companies in sorting and selecting the most effective promotional media.

4. Develop Strategy

Strategic planning studies can provide information about the growth rate of existing markets and find successful products and services in a market. This is usually done by established companies.

Types of market research

It turns out that to conduct market research, companies usually do not only do one type of market research to find out the behavior of potential customers. In the field of marketing, market research is divided into two, namely primary market research and secondary market research.

Primary market research

Primary market research is an analytical process using third parties or consumers as the data source. Thus, this research will come directly from consumers of a company, and the data collected will be in the form of qualitative data and quantitative data.

Some types of primary market research are:

Interview

This type of market research will be carried out personally on the respondent or potential consumer, usually the respondent will be given several questions to obtain data or information.

Focus groups

As the name implies, this type of market research will be carried out by several small groups usually consisting of 5-10 people to respond to surveys that the company has sent.

Ethnographic research

Ethnographic research is a method of market research analysis carried out in a way that the researcher must go directly into the environment of the respondent. Usually this research will last quite a long time because the researcher also has to adapt to the environment of the prospective consumer.

Questionnaire

One type of primary research that is often used by companies is a questionnaire, namely the research method by collecting surveys online. This research is mostly done because it is easier, summarizes the time, and the data obtained will also be formed systematically.

Research campaigns

Research campaigns can also be used as a market research method, it's just that a company must havecampaignbeforehand so that analysis and evaluation related to success can be carried out campaign.

Secondary market research

After knowing primary market research, now you will meet with secondary market research. In contrast to primary market research where the information will come directly from the consumer, primary market research is the process of analyzing target markets where the information is managed by outside sources such as the media, government, or agencies.

Information published in books, magazines, newspapers, or a company's website can also be a medium for conducting secondary market research.

To take advantage of secondary market research, you can choose information from several institutions such as the following:

public source

To collect market research information for free, you can use the government library.

Commercial source

While commercial sources will usually cost money, commercial sources can also be relied on because usually these institutions are quite good at gathering information. Commercial sources include television media, local newspapers, and magazines.

Educational institutions

Universities and educational institutions can be a secondary market research information, because usually a lot of research is carried out in various sectors.

Example of market research

All companies will certainly do market research first before producing a new product or service. However, what is an example of market research for food products?

Example of market research for instant noodle food products

Instant noodles are one of the ready-to-eat foods that have many fans in Indonesia, not infrequently every brand will compete to create innovations for their products, one of which is by making jumbo instant noodle products.

Through market research, the company can conduct a questionnaire survey to see how many consumers want to buy instant noodles with jumbo sizes. So, with market research, you can also find out other information that is actually needed by consumers and companies.

For example, a company can ask a number of related questions:

• What instant noodle variant do you want to make into a jumbo size? The results can be seen from the choice of consumer tastes for the company's products.
• Estimated price of jumbo instant noodle products.
• Anyone who needs a variety of jumbo instant noodles (age, gender, profession, and demographics).
• What are the considerations with the presence of the jumbo instant noodle variant.

So with the information from this research data, the company can find potential instant noodle products or types that can gain more profits, due to the demand from the market.