Projects deliver unique product or services. How successful the product of the project after deployment determines the success and failure of the project from the owner’s perspective. Conducting a detailed market research will help to validate the assumptions made while justifying the investment into the product idea.
Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.
Market research is one of the main factors used in maintaining competitiveness over competitors. Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Examples of factors that can be analysed using market research are;
- Market Information
- Market segmentation
- Market trends
- SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)
- PEST analysis (Political, Economical, Social, Technology related external factors