Market research can be defined as a process of understanding the possibility of a new service or product standing viably on its own. It is done through research conducted directly with the consumers. It allows a firm to find out the target market and opinions of the potential customers through feedback and other means.

There are market research agencies doing market research for their clients. They have the required tools, techniques, and expertise to do the job and get the desired outcome efficiently and economically. If you wish to employ the services of a market research company, you should consider it with a lot of care. There are many but only a handful who knows the job. You need to do some research before you have a proper firm doing your job.

Unimrkt Research is one such firm that was established in 2009. It has conducted multi-industry research across the nations of the world. You can view this organization as your business partner. As a symbiotic figure whereby you will reap the benefits by dint of the outcomes, you have desired so far.

Market research can be done in-house or by a company as an outsider or third-party. It must specialize in market research, both in qualitative market research as well as quantitative market research. Market research is a critical component of R&D to aid the launch of a new product or service. You do market research to know the viability of a new product. You do it by communicating directly with the customers. Market research lets you figure out the target market and get feedback from the consumers. The research can typically include surveys, product testing, and focus group.

The purpose of market research is to see the market connected with goods and services. It is to find out how the target audience will welcome it. It may consist of getting information for market segmentation and product differentiation. The exercise may help you determine the scale and scope of advertising and its relevant cost and time. It will entail important inputs on what is of value to the customers, both the present and the potential. Market research has a blend of primary information and secondary information.

Primary information is a set of data gathered by the company directly or by a consultant hired by the company. This information has two parts: exploratory and specific research.

Exploratory research is not so much structured and so, it functions through more open-ended questions. It contains the areas or issues the company may address itself to

Secondary Information: It is the data that an agency from the outside has gathered. It could be data on the census, trade association reports or research reports from other businesses operating in the same market environment. Companies use market research to test their products before formally launching them. It consists in knowing the needs of the customers about the product or service.