MARKET RESEARCH

Market research is ?

the systematic and objective :

• identification

• collection

• analysis

• dissemination

• & use of information

For the purpose of improving decision making related to the

• identification and

• solution of problems and opportunities in marketing

Market research process ?

1. Problem definition

2. Research approach developed

3. Research design developed

4. Firework/data collection

5. Data integrity & analysis

6. Communicating research findings

Social research ?

→ It's the study of how individuals interact within societies, focusing on understanding social behaviours, norms, and structures that influence market dynamics.

Why do research ?

• Must make best use of the ressources because they’re limited

• Need to make well-informed decisions

• Provides evidence for that decision making

• Gather data, analyse it then transform it into info and insights

• With insights, you can make informed decision

The use of market research ?

• identify markets and customers

• understand customer needs

• monitor customer satisfaction

• test advertising/marketing effectiveness

• develop a product or service

The value of research ?

→ Its ability to provide high quality data, info and insight.

If ressources are limited, should you spend on research ?

→ 2 questions to ask ourselves : is it Nice to do or Need to do it ?
It depends also :

• What is the business problem or issue ?

• Why are you thinking about doing research ?

• How important is it ?

Some limitations of market research ?

→ We may not being clear about what it is for poor problem definition, lack of understanding of the problem,…

→ We may not doing the right sort of research

→ Or using poor quality data

Why is market research essential ?

It’s for identifying problems and opportunities, assisting decision-making, minimising risks, improving profitability, and ensuring competitive advantage

Research ?

It’s the systematic gathering of data to gain knowledge or understanding to address a specific need

Contexts and use of Market Research ?

• Products, services, advertising, policy, communications, attitudes etc.  

• To address client’s business problem, to help the client make good decisions

The value of  Market research ?

Provides high-quality data, information and insight