Market Research
Market research is the organized effort to gather information about target markets or customers. It is a crucial component of business strategy. Market research can help you make decisions and guide your business by providing information about the needs of the market, the market size and the competition. Market-research 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.
Gain insight or support decision making strategically
Market researchis the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods to gain insight or support decision making.
What consumers want, need and believe
Market research is a way of getting an overview of consumers’ wants, needs and beliefs. It can also involve discovering how they act. It is a way that producers can study consumers and gather information about their needs. There are two major types of market research: primary research, which is sub-divided into quantitative and qualitative research, and secondary research.
Factors that can be investigated through market research
Market information
Through the analysis of market information we can get to know the prices of different commodities, as well as the supply and demand situation. Nowadays, market researchers have a wider role than they used to because they help their clients to understand the social, technical, and even legal aspects of markets.
Market segmentation
Market segmentation is the division of the market into subgroups with similar motivations. It is widely used to segment geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation, firmographics is commonly used.
Market trends
Market trends are the upward or downward movement of a market over a period of time. Determining the market size can be more difficult if you are starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.
Brand health tracker
Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.
SWOT analysis
SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT analysis can also be done on competitors to help develop robust marketing and product strategies.
PEST analysis
PEST is an analysis of the external environment. It includes a complete examination of any Political, Economic, Social or Technological factors which might impact a firm’s objectives or profitability.