Sample research essay. This is an expository essay that helps us understand the importance of market research when developing a product or service.
Title of the essay: Market research in the development of products and services
Type of essay: Argumentative essay
Length: 430 words
The changing tastes of people and new trends, which appear more and more frequently, force companies to carry out thorough market studies to recognize possible opportunities, and from this decide what is the best way to proceed. This type of research also allows you to calculate the size of the target audience and its characteristics, as well as discover who the main competitors are. In this way, we find different approaches and concepts that deserve to be analyzed.
It is necessary to be clear that market research is composed of several methods and techniques, which are intended to obtain information on a certain group of people, seeking to know details about their way of life and consumption habits. These data are essential so that the launch of a product or the creation of service can be carried out successfully.
From the aforementioned, it is possible to classify this type of research depending on the tools that are used and the information they seek to achieve. In the first place are the studies that have an exploratory character, for which they use qualitative techniques. This allows us to recognize the different social and psychological aspects of people’s behavior, such as personal beliefs, tastes, and motivations. Since there are all kinds of products and services, which are usually aimed at a wide variety of segments, it is extremely important to establish which geographic and demographic variables are involved in the profile you want to analyze.
Among the most used methods in qualitative market research, the “Focus Group” stands out. Basically, it involves bringing together a small group of people who belong to the target audience that you want to study. In this way, and with the help of a question guide, you can collect the opinions and ideas of the interviewees. For best results, it is convenient to adapt to an environment that is comfortable for you, as well as to use a simple and informal language.
On the other hand, there is advertising research, which is deeply related to the development of new products and services. This includes variables that seek to determine strengths and weaknesses, as well as possible threats that exist in the market. For this it is necessary to study the communication process, analyzing both the media and the content of the messages. This success often depends on the success of a campaign or business strategy, as it allows establishing an objective and systematic process to discover the best way to satisfy consumers. It also helps to find potential customers.