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Market Research

Market Research

Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy.

 

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Anastasia Romanova

Anastasia Romanova

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Business to business (B2B) mark research refers to research that is undertaken entirely within the business world: a business - the client - wishes ti research its business customers or, less commonly, its suppliers or other parties who are involved in the running of (or who contribute to) its business. Only those in business are involved. B2B research includes all research where the product or service is being used in a business environment.

Article:   ‪Business to Business M…
Source:  Offline Book/Journal

Unfortunately it is not always easy to tell the difference between genuine market research and research being conducted with the intention of trying to sell you something or gathering personal information to be onsold for sales purposes. This is known in the industry as ‘SUGGING’ or ‘selling under the guise’ of conducting genuine research and is prohibited by [...] the Marketing Association’s Codes of Practice.

Article: Know Your Rights
Source: (MRSNZ)

Qualitative market research is a field that has grown considerably in the let half century in response to the growing of the marketing concept among American businesses. This concept which at its core holds that 'the purpose of a business is to create and keep a customer' has promoted a consumer focus among producers of goods and services. The marketing concept has also established itself profoundly among providers of health care services, local governments, architects and planners and others for whom the idea of the customer had been quite alien.

Article:   Qualitative Market Resear…
Source:  Offline Book/Journal

[Qualitative research is] a form of market research that seeks to explore and understand people's attitudes, motivations and behaviours - the 'why' and 'how' behind the 'what' - using methods that seek to reach understanding through dialogue and evocation (rather than measurement). Qualitative research generally attempts to make sense of and interpret phenomena in terms of the meanings people bring to them.

Article:   Qualitative Market Resear…
Source:  Offline Book/Journal

The exploratory approach attempts to discover general information about a topic that is not well understood by the marketer. For instance, a marketer has heard news reports about a new Internet technology that is helping competitors but the marketer is not familiar with the technology and needs to do research to learn more. When gaining insight (i.e., discovery) on an issue is the primary goal, exploratory research is used.

Article: Exploratory Market Resear...
Source: KnowThis.com

The focus of descriptive research is to provide an accurate description for something that is occurring. For example, what age group is buying a particular brand, a product’s market share within a certain industry, how many competitors a company faces, etc. This type of research is by far the most popular form of market research. It is used extensively when the research purpose is to explain, monitor and test hypotheses, and can also be used to a lesser extent to help make predictions and for discovery.

Article: Descriptive Market Resear...
Source: KnowThis.com

There are two types of market research: Primary research - This is information you collect firsthand through surveys, interviews, and talking to customers and businesses. This kind of direct research can help you discover what your customers' needs are, how your business can improve, what you excel at and what practices other businesses are using. Secondary research - You can also research your market by using information that has already been gathered, such as government statistics and trade publications.

Article: Researching your market
Source: business.gov.au

The goal of doing market research is to equip yourself with the information you need to make informed business decisions about start-up, innovation, growth and the 4 ‘Ps’: product, price, place and promotion.

Article: Guide to market research ...
Source: Canada Business Network

At the very heart of market research is the keen belief that listening to the opinions of customers is important. It's really so simple: when asked the right questions, customers will tell you what to do to make your business more profitable, and by listening to them you will do the smart thing far more often than if you just decide to go it alone.

Article:   More Guerrilla Marketing …
Source:  Offline Book/Journal

Knowledge is power. It can help you transform the way you live and the way you do business, and can help you to reap benefits that you never thought possible. A small bit of information can enable you to take informed decisions in a proactive manner and save yourself the agony of various losses: time, money and so on.

Article:   How research assisted the…
Source:  Offline Book/Journal
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