Investing money in the gradually developing financial market has become a popular choice in present days. If you are beginner in this sector, you must do a proper market research before investing your money to buy stock shares. The marketers use the market research to get the answers of various questions regarding business environment, market dynamics and the consumer behaviour. There are several Type of Market Research and you can stick to any of it. You must do the market research by making a research design for proper understanding and execution.
Types of Market Research –
Various types of marketing research based on the research objective are available. Based on the functional objectives, market research can be of following types.
- If you have a little knowledge about the research problem and needs to gain insights about it before finding solutions, you must go for the exploratory market research technique.
- While forecasting a market variable for designing the research, predictive market research must be done.
- The descriptive type of market research depends on testing the hypothesis to get the accurate solution of research problem. It measures the frequency of occurrence of things and the related variables.
- In case of Quantitative research of market, a sample of population is studied for more statistically perfect outcomes. This type of market research costs more. It includes sales figure, financial trends, survey on customer feedback etc. It helps to understand the size of market.
- With the Qualitative research, you must use various questions those actually allow you to know more information involving smaller number of people. It is comparatively cheap in nature.
- In case of Primary market research, the information is collected directly from the source. It is a costly and time-taking procedure.
- In case of Secondary market research, you can gather information from various available sources.
Along with the proper market research, you must also be well aware of recent market trends. You can visit BWorld Finance Stocks for various updated financial news before buying stocks.