- "Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are."
Researching the industry's current and future trends, including market size, competitors, target market, and consumer behavior.
Sampling Methods: This refers to the process of selecting a subset of individuals or groups from a larger population for data collection. It is a crucial element in ensuring that research results are representative and unbiased.
Data Collection Techniques: This involves choosing the right method to collect data—online, telephone, mail or face-to-face. The method chosen affects the quality of data gathered as well as response rates.
Survey Design: How to develop questionnaires that are clear, concise, unbiased and conducive to obtaining the necessary information while eliminating bias.
Quantitative Analysis: This refers to the use of statistical methods for interpreting data and deriving insights that are helpful in business decision-making.
Qualitative Analysis: This refers to the use of non-numerical methods of data analysis, including observational, focus group sessions, and other non-structured techniques.
Secondary Research: This is the use of existing research to gather insight and better understand a market or particular area of interest.
Competitive Analysis: This refers to the process of researching competitors to know their strengths versus your strengths and weaknesses.
Market Segmentation: This is the practice of dividing a market into smaller groups based on their interests or behavioral similarities.
Brand Awareness: The knowledge and familiarity of customers with a particular product or company.
Industry Trends: Staying up to date with the latest buzz around ones industry, latest developments, market shifts, and studies to better understand the direction of the market.
Customer Experience: How customers feel about a product or service and the attitude or perception they may have toward the brand.
Data Visualization: The presentation of research data in a visual format that makes it easier to communicate insights and findings.
Pricing Analysis: Understanding the sweet spot of what ratio of price and supply is most profitable and optimal for their business.
Marketing Analytics: Using analytics models, data and metrics to measure marketing effectiveness and optimize marketing campaigns.
Consumer Behavior: An in-depth look at how consumers make purchasing decisions, and how psychological and economic factors are influencing these decisions.
Product Research: It focuses on understanding the characteristics, benefits, and features of a particular product or service to determine its marketability.
Consumer Research: It aims to understand the behavior, attitudes, and preferences of customers to design products/services that fulfill their needs and desires.
Competitive Research: It involves analyzing the strengths and weaknesses of other players in the market and identifying opportunities and threats for your own business.
Market Segmentation: It breaks down a larger market into smaller, more defined subgroups based on demographics, psychographics, and other factors.
Brand Research: It focuses on determining how a company's brand is perceived in the marketplace and understanding the factors that influence those perceptions.
Pricing Research: It helps companies determine the optimal price for their products or services based on consumer demand and competitor pricing strategies.
Advertising Research: It examines the effectiveness of different marketing campaigns, identifying the messaging and creative elements that resonate most with the target audience.
Distribution and Channel Research: It aims to understand the best channels through which products and services should be distributed to reach target customers effectively.
Industry Analysis: It studies market trends, industry regulations, technological advancements, and other external factors that could impact a business's performance.
Customer Satisfaction Research: It helps companies gauge customer satisfaction with their products/services, identifying areas for improvement and boosting customer loyalty.
Attitude and Opinion Research: It aims to understand how people feel about a particular topic, product, or brand.
Trends and Forecasting Research: It identifies emerging trends and predicts how they are likely to impact the market in the future.
Concept Testing: It involves testing prototype products or services to determine their feasibility and market potential.
Employee Perception Research: It helps businesses understand how their employees feel about the workplace, management, and company culture.
Market Entry Strategy: It involves analyzing the competitive landscape and identifying the best strategies to enter a new market, whether through acquisition, partnership, or organically.
- "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."