What do you think of when you hear 'market research'?
Market research is the process of gathering, analyzing, and interpreting information about a market to better understand the target audience. It helps businesses better understand customer needs, preferences, buying patterns, and market trends. It can be used to help develop products, adjust pricing, and decide where to advertise.
Market Research: The systematic gathering, recording, and analyzing of data about customers, competitors, and the market to inform business decisions.
Primary Research: Research that involves the collection of data that does not exist already, but is collected specifically for the research project.
Secondary Research: Research that involves the summary, collation, and/or synthesis of existing research rather than primary research, where data is collected from sources that already exist.
Did you know?
Market research is used to help companies develop new products and services. Market research often helps companies create better customer experiences. Market research can also help marketers determine when and where to advertise their products and services.
Work together in pairs: What are two key benefits of conducting market research for a business?
What are some key methods and techniques used in market research to gather information about consumer preferences and behavior?
Work together in pairs: What are the key factors to consider when conducting market research for a new product or service?
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What is the purpose of market research?
- To advertise products and services
- To create financial projections
- To gather information about target customers
Which of the following is a primary research method?
- Online reviews
- Competitor analysis
What is the difference between qualitative and quantitative market research?
- There is no difference between qualitative and quantitative research
- Qualitative focuses on numerical data, while quantitative focuses on opinions and insights
- Qualitative focuses on opinions and insights, while quantitative focuses on numerical data
Why is market segmentation important in market research?
- It helps identify specific target audiences for marketing efforts
- It helps create better advertising campaigns
- It helps determine pricing strategies
What are some common sources of secondary market research data?
- Focus groups with potential customers
- Government publications, industry reports, and academic journals
- Surveys conducted by the company