Maneet Puri |
Maneet Puri heads LeXolution IT Services, a professional KPO outsourcing company that deals with a variety of KPO services. The company provides seamless and cost effective business support functions like internet market research, mailing list development and virtual assistant services to its worldwide clients. |
Maneet Puri
has written 10 articles for SB Informer. |
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Internet Market Research - Various Types Of Research ModesManeet Puri
April 09, 2009
Internet market research is the process of searching the internet to
find information about your target markets so that you can further
analyze it to better your business processes. By accumulating valuable
information about your niche market segments, you can seek to explore
new opportunities in the market, identify potential problems and
monitor the performance of your company in the market. The
results and findings of internet market research helps facilitate
effective decision making. Here are some potential benefits of internet
market research activities.
- You can explore new opportunities in the market and evaluate them.
- You can analyze the various segments of your target marketplace.
- You can select the best and most appropriate target market.
- It helps in better positioning of the product in the market.
- You can use the information for enhancement of the product development process.
- It helps to plan and implement strong marketing strategies that further seeks to achieve business objectives.
The benefits of internet market research are many. However, you also
need to figure out what kind of research methodology would be the best
for you and will help you deliver more value. Here are three types of
market research: Exploratory Research This kind of research is used to search the market for new ideas and
explore potential market opportunities. It is a highly unstructured
form of research that can be used to explore the possibilities of a
situation or search for a problem. In fact, the findings are based
majorly on secondary data such as data available in different
departments of the company, case studies, pilot projects etc.
exploratory research gets you general information about the markets and
various segments of the same. Descriptive Research This is more detailed than the former version of research. Descriptive
research accumulates detailed information about the markets. It
includes answers to all the who-what-why-where-when-how types of
questions. Because it is more structured, it offers a detailed analysis
of the markets that can be understood well and applied further. In
fact, descriptive research provides specific answers to multiple points
questions. For example, what age group of users buy what type of the
products and from which location. . It requires huge volumes of data
collection and high analytics. Casual Research This
is again a generic form of research that helps you understand the
causes and effects of the relationship between the business and its
target audiences. You can not only identify potential problems but also
locate specific causes of the problems. This in turn can guide your to
formulate effective solutions and eliminate the root cause of the
problem altogether. All the modes of research have different
courses and different methodologies. However, one thing that they have
in common is Internet. All the three type of research uses internet as
their prime medium to locate information apart from other offline
sources. The internet provides unbiased information from across the
world with absolutely no constraint of geographical limitations. This
means you can have access to global information and cater to a
worldwide audience.
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