- "Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are."
Researching the market to determine if the home-based business idea is viable and if there is a market for it.
Market segmentation: Dividing a large target market into smaller groups based on shared characteristics such as demographics, psychographics, and behavior.
Sampling methodology: The process of selecting a subset of individuals from the larger population to represent that population in research studies.
Survey design: Creating a set of questions that will elicit the desired information from study participants.
Data analysis: The process of examining and interpreting data collected in a research study to draw conclusions and insights.
Competitor analysis: Researching and analyzing data on market rivals to gain a better understanding of their strengths and weaknesses.
Ethnographic research: Observing and understanding the behavior, culture, and practices of a particular group or community.
Brand strategy: Developing an overarching plan to promote and communicate a brand's value proposition effectively.
Customer satisfaction: Measuring and tracking the level of satisfaction of customers with products and services.
Pricing strategy and analysis: Understanding how to price products and services appropriately based on market demand and competition.
Advertising and promotional strategy: Developing an overarching plan to promote and communicate a brand's value proposition effectively.
Focus groups: Gathering a small group of people to discuss and provide feedback on a particular product or service to improve it.
Data visualization: Creating visual representations of data to communicate insights effectively.
Online and social media research: Analyzing digital data and social media trends to understand customer behavior and preferences.
Secondary research: Analyzing existing data, research, and industry reports to gain a better understanding of a particular market or industry.
Market forecasting: Predicting future market trends based on historical data and market demand.
Demographic research: Collecting and analyzing data on the age, gender, income, education, and other characteristics of the target market.
Survey research: Conducting surveys to learn about customer preferences, behaviors, and opinions.
Focus group research: Assembling a group of potential customers to discuss and provide feedback on a product or service.
Competitive research: Analyzing the competition, their products, services, and pricing strategies to identify opportunities and threats.
Product research: Gathering data on customer needs, preferences, and perceptions in relation to a specific product or service.
Pricing research: Assessing customer willingness to pay for a product or service.
Customer satisfaction research: Measuring customer satisfaction levels, identifying areas for improvement, and gathering feedback.
Marketing communication research: Studying the effectiveness of advertising, social media, and other communication channels in reaching and engaging customers.
Brand research: Evaluating the strength, awareness, and loyalty of a business’s brand among its target market.
Trend research: Exploring emerging trends in the industry or among consumers, such as changes in lifestyle, technology, or culture.
Sales forecasting research: Predicting future sales based on historical data, market trends, and other factors.
Market segmentation research: Dividing the target market into distinct groups based on shared characteristics, needs, or behaviors.
Usability research: Testing the usability and functionality of a product or service for ease of use and customer satisfaction.
Ethnographic research: Observing and studying customer behavior and interactions in a natural setting to gain insights into their needs, habits, and preferences.
Big data research: Analyzing large datasets to uncover patterns and insights that can inform business strategy.
Online behavior research: Gathering data on customer behavior and preferences through online platforms such as social media, website analytics, and search data.
Data mining research: Using statistical analysis and data modeling techniques to identify patterns and insights in customer data.
- "It is an important component of business strategy and a major factor in maintaining competitiveness."
- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."
- "Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys and analysis of secondary data."
- "Although both involve consumers, Marketing research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and distribution."
- "Two explanations given for confusing Market research with Marketing research are the similarity of the terms and also that Market Research is a subset of Marketing Research."
- "Market research...is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making."
- "Qualitative techniques such as focus groups, in-depth interviews, and ethnography."
- "Quantitative techniques such as customer surveys and analysis of secondary data."
- "Market research includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods."
- "Market research...is the systematic gathering and interpretation of information about individuals or organizations."
- "Market research...to gain insight or support decision making."
- "Market research...to gain insight or support decision making."
- "Further confusion exists because of major companies with expertise and practices in both areas."
- "Market research is concerned specifically with markets and distribution."
- "Marketing research...is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness."
- "Market research is an important component of business strategy."
- "It is a major factor in maintaining competitiveness."
- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."
- "Further confusion exists because of major companies with expertise and practices in both areas."