Where types of research techniques are used by marketing professionals, primary research and secondary research are regarded as research techniques. Primary analysis is also classified into qualitative and quantitative research. Market research plays an important role in the development of corporate strategies and business planning. Any of the critical aspects that must be addressed before business planning begins. In initial market research, two different forms are defined, which are discussed as follows:
• SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats in a market. The SWOT analysis is used to initiate company staging and remains present in the sector until the end of its life. In the product development process, a SWOT analysis is crucial. It also allows us to analyse product information, customer behaviour, and competitors in a nutshell, as well as information and specifics about the target market.
• Market segmentation and industry knowledge: This helps us to forecast and analysis market supply and demand conditions. Students may use market research assignments to help them conduct in-depth analyses and plan structures for technical, social, and even legal aspects of the market. Market segmentation, on the other hand, is a description of how a market is divided based on the parameters of a specific segment and a key feature of the market. It is also widely used for segmenting based on variations in gender, personality, and demographics.
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