Market research is a topic which is often thought to be only interpreted as a tool used by official white collar firms in order to satisfy their consumers but just like any other; your products are a part of your company regardless of what field you may be in. In this blog, I will go over a topic that has been taught to us at SAE (School of Audio Engineering) in our creative media and critical thinking class; market research, I will briefly explain the two main types of market research and if it might benefit me.
During a market research a company or an individual studies, analyses and compares the market and consumer behaviour in order to find out consumer spending patterns, main target demographic and consumer wants. The quantitative and qualitative data collected from this research is then used to make the products or services better. An article by Ash Christopher explains what data is essential to find from a market research, “Gather statistical information regarding your target market’s demographics, market segment, needs and buying decisions,” (Christopher, 2012).
Market research can be divided into two sections; primary research and secondary research. Primary research; also knows as first hand or field research; has an individual or a team go out to collect data, while on the other hand, secondary research is when information from a previously done research is used for product betterment. Market research has several benefits even for a musician; as said on TheBalance webpage, “Detailed data can help you in lowering risk. It shows you where the opportunities that will produce results are and keeps you focused,” (Lake, 2016). Market research also helps you identify and create opportunities for yourself as you already know what your consumers desire. While on the other hand, a few disadvantages given by Mr Gaurav Akrani in an article are, “It is also lengthy and time-consuming,” plus, “it has a limited scope,” and, “it has a limited practical value”, (Akrani, 2013).
Market research like any topic has its pros and cons but I believe it is an integral part of growth as there is nothing better than knowing what your audience demands from you.
Akrani, G. (2013). Limitations of Marketing Research – Demerits of MR. Kalyan-city.blogspot.ae. Retrieved 2 April 2017, from http://kalyan-city.blogspot.ae/2013/01/what-are-limitations-of-marketing.html
Christopher, A. (2012). 5 types of data you should gather when doing market research. Blog. Retrieved 1 April 2017, from https://blog.waveapps.com/small-business-market-research/
Lake, L. (2016). Why Marketing Research is Important to Your Business. The Balance. Retrieved 1 April 2017, from https://www.thebalance.com/why-marketing-research-is-important-to-your-business-2296119