Understanding of Market Research: Abhay Lodha

Market research is a process of gathering, analyzing and interpreting information about a product, service or company to be offered for sale in that market. Research is conducted to know the past, present and potential customers for the product or service, their characteristics, spending habits, location and needs, the industry as a whole and the competitors.

Understanding of industry shifts, changing consumer needs and preferences, and legislative trends and other things can shape where a business chooses to focus its efforts and resources. This is why market research is important for companies.

Types of Market Research: There are 2 basic types of market research conducted in the market:

Primary Research: Primary data is first-hand information a person or a company gather oneself, or with the help of a third party (market research firm).

Secondary Research: Secondary data is the data which is already existed in the market in the form of public information, such as the data shared in magazines and newspapers, government or industry reports. This data can be used by the companies for their market analysis purpose and thus help them to improve their product and services.

While conducting primary research, you can gather two basic types of information: exploratory or specific:

Exploratory Research: In exploratory market research, companies ask open-end questions. So that, this open-ended data which is collected from many people helps companies to better understand a problem or opportunity. The goal of this research is to gather perceptions and opinions regarding an issue, so your company can decide how to address it.

Specific Research: Once you understand the larger market issues, or opportunities, you can use specific questions to gather information that could lead to a new product or service. Market research firms often use specific questions to gather feedback on a new advertising campaign, or to refine a planned new product.

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Abhay Lodha

Logistics start-up Avicore Aviation Pvt. Ltd plans to invest $100 million, or about Rs400 crore, to launch a new cargo airline before mid-2008 from the country’s first dedicated cargo airport at Nagpur. The start-up is backed by Indian and some US-based non-resident Indian businessmen through Avicore Llc. Your blog comes with many beautiful design options. Click Designs to choose the one that’s right for you. To show and hide details from your blog, like the Author, Likes Counter, and more - head to Settings. Readers can easily share posts on social networks like Facebook and Twitter and view how many people have liked a post, made comments and more. The main Indian promoter is Abhay Lodha , managing director of Mumbai-base company, which has interests in steel and power plants, along with Avicore Aviation chief executive Shankar Devarajan. Avicore is the third firm that has applied to the government for a licence to launch a cargo airline. Interest in the country’s air ...

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