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Market Research

The definition of market research: study carried out by a company before launching a new product, into the needs, lifestyle, income, etc of potential buyers and to measure the success of similar products that are already available. It may involve interviewing people in the street or giving away sample product.

○1 Market research can be done for both a product and a company. As for a product, it is the first step when promoting a new product. It can find out whether the market accept the product or not. As for the company, market research can find out the customers’ opinion about the after-sales services and corporate image.

○2 There are generally four ways of doing market research, observation, survey, questionnaire and telephone interview.

○3 There are four procedures while doing market research. First, represent suitable questions. Second, record the customers’ feedbacks. Third, gather these statistics. Forth, analyse them and draw a conclusion.