iOcta Technologies - Professional Web design & Development, Animations and Market Research.

Market research is a method of collecting data which will make you (as a business) more aware of how the people, you hope to sell to, will react to your products or services. 

Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes.

Based on market research data, businesses can develop a "target audience." A target audience is a specific group of customers that has a distinct need or desire for a product or service. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively.

Market research will answer questions like:

• Whether your products or services are needed
•  Who might want to buy your products - (you may have defined the wrong type of person)
• What age, sex, income occupation etc are the people I want to sell to
• If there are changes taking place and how this might affect what you sell -  (there might be an up an coming decline in the demand for what you are about to sell)
• How well your products or services might sell - (It could be better or worst than what you predicted)
• How much demand there is for what you hope to sell - (you may need to increase or decrease your production depending on the results)
• Who wont buy what you hope to sell - (this will help your promotional plan as it enables you to target the right people)
•  What price would people be prepared to pay - (this will help when you set out your pricing policy)

These questions are just examples. There are much more questions for which you can get answers with the help of our Market Research Officers!