Market Research : An Process Of Gathering, Interpreting And Evaluating Information About A Particular Market

Market Research : An Process Of Gathering, Interpreting And Evaluating Information About A Particular Market

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I would define market research as the process of gathering, interpreting and evaluating information about a particular market. It consists of information such as characteristics of the market, spending habits, location, and needs of the business in the market order for it to be successful. Looking at who will be your competitors is also a vital consideration. Other definitions are, “market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product”. This is according to www.investopedia.com. You are able to find, trends in the market, segmentation of the market, and the effectiveness of marketing through primary research.
Market research would have become very important for Seevic college for a number of reasons. Seevic will need to know who their competitors are, and what the students attending the college want. Seevic can look at their competitors to see what they are doing to get more people to attend their college. By knowing this Seevic can ensure than their strategy to attract more students is more efficient than theirs. From market research Seevic will also find out how most people are applying to the college. They can then dedicate their time to improving the preferred way of applying. Seevic can also discover if the students are satisfied with the college. If they are not, the college then knows that it has areas that need improving. Market research will enable the college to focus their marketing campaign to a particular area that is most popular. They will be able to identify the most profitable segment in the col...


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...tion about lots of useful subjects. This information will also be reliable as its coming from the government, so you know you are following the correct guidelines. By Seevic using competitor’s websites they can see how their rival colleges are doing, so you know how you can make your business more successful by looking at what they do. Seevic using the internet for secondary data means they will be able to find lots of websites providing information on the subject you are looking at. This will help Seevic get a good understanding of a particular area in their market, from looking at multiple viewpoints on different websites. You will need to be careful with this as it may not all be correct. One website may contradict another, so other sources will still be needed. Mintel will be able to give lots of detailed information on a particular area of the Seevic’s market.

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