Fermin & Associates Hispanic Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. Hispanic Market research allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.
The research may be conducted in-house or by a third-party company that specializes in market research. It can be done through surveys, product testing, interviews, and focus groups. Test subjects are usually compensated with product samples or paid a small stipend for their time.
Hispanic Market research is a critical component in the research and development (R&D) phase of new product or service introduction.
- Before introducing a new product, companies conduct market research to determine its appeal to potential customers.
- Market research tools include focus groups, telephone interviews, and questionnaires.
- The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
- Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.
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