Purposes Of Research (Market research)

Market Research 

Market research is a form of research similar to audience research, However market research is more about the product than the audience, it is still somewhat about the audience. When carrying out market research as the company or individual doing it you need to find out whether your product is in the market and popular. As well as who your competitors are. It is essential to know who your competitors are, the reason you need to know this is to compare your media product and find out if your product is better. If it is not better then you could look at your competition see what their doing right and make improvements on your product.

The media industry is an extremely competitive industry. A lot of media products have set the bar high which is why it is crucial to find out the correct data by doing competitor analysis and use it to your advantage. It can be very costly if you make a mistake when researching, only to find out that your product is not popular. If a company is worried about making a mistake during their market research they will go with the decision to commission individuals to do it for them. The people that will be commissioned to do this are specialists in their area. This will save money in the long run if they research accurately. 

If I where to potentially bring out a new game into the media industry, i would need to carry out market research. This means I would have to look closely at other media games on the market, compare my game see what key aspects my game has that an audience might like.

Competitors and competitor analysis - Competitors are businesses/organisations that are selling a similar media product to consumers, they will be selling products the you are also selling within your organisation. It is good to know who your competitors are, where there based and how similar there products and pricing is to yours. This means if you have this information you are able to have a better understanding of what it is you can do to improve your products. This could be seen as competitor analysis, which is the process of finding out a businesses strengths and weaknesses. For example two businesses may be selling the same media product (CD). However each business may sell them at a different price. If your business is the one selling at a cheaper price the chances of bringing more customers in is much higher.

Market - The market is what type of businesses and how many businesses are located around yours that could be seen as competition. A lot of companies before starting up will check the type of market they will be in and see if its suitable. For example, someone who may want to sell media products will check to see if that certain product is popular on the market at the present time, or if it has potential to be popular.

advertising placement (Product placement) - Product placement is when a certain product will be spoken about, or shown in something media related. Product placement is becoming a popular way of advertising products as the media and television is getting more advanced. A company may decided that they want there product to be shown in a new movie coming out so for example, if a business had a new game out they may show one of the main characters playing this game in the movie. That is what product placement is. This is benefiting that business as word will get around that celebrities are using there products. The way this form of advertisement works is through both the owner of the product and the person in the media department coming to an agreement and a small fee being payed out.

advertising effects - Advertising is a powerful way of making a product know on the market. It helps other businesses have an understanding of what products are out on the market currently and what they have to compete against.