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A.Y.R.M. Sales Specialists can call into your target markets and gather information about customers,
competitors and new technology to help our clients expand into new markets.
The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of
secondary research are that it is often not specific to your area of research and the data used can be biased and
is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests,
interviews or observation, conducted or tailored specifically to that product.
A list of questions that can be answered through market research:
What is happening in the market? What are the trends? Who are the competitors?
How do consumers talk about the products in the market?
Which needs are important? Are the needs being met by current products?
Market research for business planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they
act. Once that research is complete it can be used to determine how to market your specific product or service.
For starting up a business there are a few things that are important:
Market information
Market information is making known the prices of the different commodities in the market, the supply and the
demand. Information about the markets can be obtained in several different varieties and formats.
Examples of market information questions are:
Market trends
The upward or downward movements of a market, during a period of time. The market size is more difficult to
estimate if you are starting with something completely new. In this case, you will have to derive the figures from
the number of potential customers or customer segments.
But besides information about the target market you also need information about your competitor, your
customers, products etc. A few techniques are:
competitors and new technology to help our clients expand into new markets.
The advantages of secondary research are that it is relatively cheap and easily accessible. Disadvantages of
secondary research are that it is often not specific to your area of research and the data used can be biased and
is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests,
interviews or observation, conducted or tailored specifically to that product.
A list of questions that can be answered through market research:
What is happening in the market? What are the trends? Who are the competitors?
How do consumers talk about the products in the market?
Which needs are important? Are the needs being met by current products?
Market research for business planning
Market research is for discovering what people want, need, or believe. It can also involve discovering how they
act. Once that research is complete it can be used to determine how to market your specific product or service.
For starting up a business there are a few things that are important:
Market information
Market information is making known the prices of the different commodities in the market, the supply and the
demand. Information about the markets can be obtained in several different varieties and formats.
Examples of market information questions are:
- Who are the customers?
- Where are they located and how can they be contacted?
- What quantity and quality do they want?
- What is the best time to sell?
- Market segmentation
- Market segmentation is the division of the market or population into subgroups with similar motivations.
Widely used bases for segmenting include geographic differences, personality differences, demographic
differences, use of product differences, and psychographic differences.
Market trends
The upward or downward movements of a market, during a period of time. The market size is more difficult to
estimate if you are starting with something completely new. In this case, you will have to derive the figures from
the number of potential customers or customer segments.
But besides information about the target market you also need information about your competitor, your
customers, products etc. A few techniques are:
- Customer analysis
- Choice Modeling
- Competitor analysis
- Risk analysis
- Product research
- Advertising research
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