NOM purpose is to help business owners and managers achieve their market share and business development objectives.
Market research is the process of systematic gathering, recording and analyzing of
data about customers, competitors and the market. Market research can help create
a business plan, launch a new product or service, fine tune existing products and
services, expand into new markets etc. It can be used to determine which portion of
the population will purchase the product/service, based on variables like age,
gender, location and income level. It can be found out what market characteristics
your target market has. With market research companies can learn more about
current and potential customers.
Market Research for Business Planning
It can also involve discovering how they act. Once that research is complete it can be used to determine how to market your specific product. Whenever possible, try to reduce risks at the earliest possible stage. For example you could carry out market research early on and not wait until you are almost ready to enter the market. If early market research reveals that your business idea has real potential, you can use this information in planning the build-up of your business.
Market information is making known the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained in several different varieties and formats. The most basic form of market information is the best quotation and last sale data, including the number of shares, with respect to a particular security at a given time.
Market segmentation is the division of the market or population into subgroups with similar motivations. Widely used bases for segmenting include geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences.
The upward or downward movements of a market, during a period of time.
The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments.
But besides information about the target market you also need information about your competitor, your customers, products etc. A few techniques are:
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