market research

Market Research

The process of gathering, analyzing, and interpreting information about a market, including insights on the target market and potential customers.

Purpose of Market Research

To understand consumer needs and wants, identify market opportunities and threats, and inform product development and marketing strategies.

Primary Research

Collecting new data firsthand through methods such as surveys, interviews, focus groups, and observations.

Secondary Research

Analyzing existing data collected by other sources, including reports, studies, and statistics; can be internal or external.

Qualitative Methods

Methods that provide non-numerical data insights into consumer behavior, expressed by attitudes, beliefs, and intentions.

Quantitative Methods

Methods that involve numerical data that can be measured and analyzed statistically, such as surveys and questionnaires.

Consumer Needs and Wants

Understanding what consumers desire and require from products or services.

Market Opportunities

Potential areas where a business can grow or expand based on market analysis.