- "Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are."
The process of gathering and analyzing information about a market, including its size, competition, and potential customers.
Research Design: The process of planning and designing the research study, including deciding on sampling techniques, research instruments, and data collection methods.
Sampling Techniques: The methods used to select a subset of the population to represent the entire population when conducting research.
Data Collection Methods: The various ways to collect data, such as surveys, focus groups, in-depth interviews, and experiments.
Data Analysis: The process of reviewing and analyzing the data using statistical software.
Qualitative Research: A method of research that focuses on exploring people's opinions, behavior, and attitudes through in-depth interviews or open-ended surveys.
Quantitative Research: A method of research that involves statistical analysis to gather data and draw conclusions.
Primary Research: The process of gathering new data directly from the target audience through surveys, in-depth interviews, or focus groups.
Secondary Research: The process of gathering data from sources that already exist such as government statistics, previous research studies, and media reports.
Market Segmentation: The practice of dividing the target audience into smaller groups with similar attributes to design specialized marketing/advertising campaigns.
Competitive Analysis: Evaluating the competition to identify their strengths, weaknesses, and strategies.
Brand Positioning: The process of defining how a business wants to be perceived in the market and creating messaging that communicates that position.
Analytics and Insights: Drawing meaningful conclusions from research data to inform business strategy by analyzing big data and identifying trends, patterns, and insights.
Customer Satisfaction Surveys: Gathering feedback from customers to understand how they perceive your products or services and how to improve customer experience.
Marketing Mix: Balancing the four "P's" of marketing (Product, Price, Promotion, and Place) to create a strategy that attracts and retains your target audience.
Market Research Ethics: Understanding and practicing ethical research principles and standards when conducting research.
Demographic research: This type of research focuses on analyzing the characteristics of a specific group of people or population segments, such as age, gender, income, education level, occupation, and more.
Psychographic research: This research examines the psychological and emotional factors that influence consumer behavior, such as values, attitudes, interests, and lifestyles.
Competitive research: This research helps entrepreneurs understand their competitors better, their strengths and weaknesses, and their strategies for winning over customers.
Customer research: This type of research focuses on identifying the specific needs, preferences, and opinions of customers concerning a particular product or service.
Market opportunity analysis: This research evaluates the potential success of a new product or service in a given market, including the size and growth of the market, the level of competition, and the demand for the product or service.
Market segmentation research: This research divides a market into different segments based on factors such as demographics, psychographics, needs, and behaviors, to create more targeted marketing strategies.
Brand research: This research helps entrepreneurs understand how their brand is perceived in the market, and how it compares to the competitors.
Product research: This is the process of gathering information about a product to determine its viability in the market, including customer needs, design preferences, and pricing.
Pricing research: This research helps entrepreneurs determine the optimum price for their product or service based on market demand, competition, and production cost.
Concept testing: This research involves presenting a new product or service concept to potential customers and evaluating their feedback to gauge its viability.
Ad testing: This research helps entrepreneurs evaluate the effectiveness of a marketing campaign or advertising message.
Trend analysis: This research looks at current and emerging trends in the market, such as changes in customer preferences, technology advancements, and economic developments.
Social media research: This research helps entrepreneurs understand the behavior and attitudes of their customers on social media platforms.
Online analytics: This research involves examining website traffic and user behavior to optimize website design and marketing campaigns.
Consumer satisfaction research: This research measures customer satisfaction levels with a particular product or service, identifying areas for improvement and the potential for future growth.
- "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."