Market Research: Objectives and Types

Market Research: Objectives and Types

Sydney is one of Australia’s highly advanced cities and plays a critical role in the country’s financial stability. The major commercial hub of Sydney is the Central Business District, which hosts numerous companies and economic activities. The economy’s modernisation here is fuelled primarily by dynamic consumer behaviour.

Hence, for your business to flourish in the city, you must remain aligned with the requirements of your target customers. You can achieve this by getting the help of a reliable research agency in Sydney. The market research done by the professionals allows businesses to get to the core of customer demands and facilitate insightful decision making.

Objectives of Market Research

A market research project has three primary aims:

  • Administrative- Administrative aim of market research is about proper planning and organisation of material and human resources. It thus aims for business development.
  • Social – The social aim is to meet customer needs via a product or service. The service should fall in line with the preferences and needs of the consumers when they use it.
  • Economical – It refers to determining the economic extent of success or failure a business can have when entering the market or releasing new services. The economic aim is all about providing certainty to the implementation of various actions.

Sydney’s economy has evolved into a knowledge-driven services powerhouse. So, it is essential to know about your consumers in greater detail to gain a competitive edge. A reliable research agency in Sydney facilitates businesses to gain an awareness of crucial developments in their industry.

Types of Market Research

There are two kinds of market research, namely, primary and secondary.

Primary Market Research

It is also called field research and involves gathering data that has not yet been collected. It offers a company customised research tailored to its situation. There are different ways by which primary research can be conducted.

  • Surveys – In it, questions are asked to discover people’s opinions and gain knowledge about customer experience with a specific product. It uses methods like an online questionnaire, interview, or focus group.
  • Questionnaires – A questionnaire is a series of questions that enables researchers to identify customer opinions. Questionnaires comprise open and closed questions, allowing businesses to gain a detailed understanding of their target customers.
  • Focus groups – It is a group interview that can happen online or in person. In it, people are described in a scenario, and they need to present opinions about a specific product or service. Here, it is essential to pay attention to the size of the group. There needs to be the correct number of people so that everyone’s opinions can be gathered.
  • Observation – It involves observing or watching customers identify their reactions to certain products, for example, observing someone try out a new drink or tracking the products that consumers notice when they enter a shop.

The Value of Marketing Research for Business Success

Secondary Market Research

It entails collecting existing data from both inside and outside of a business. Internal research comprises marketing data like the number of people who responded to a business’s advert. External research includes data from:

  • Internet research – It includes information from newspapers, social media, and competitor’s web pages.
  • Market reports – They give precise information about an industry. It aids businesses to determine their target customers.
  • Government report – It comprises general information that businesses can use to determine the kinds of products they can develop.

Businesses today need to obtain a clear perspective of what their customer wants. Getting accurate information about what your target audience base wants will set the direction of your business.