market research

• An organized way to gather and analyze info needed to make business decisions

market research

• is a vital process in business where information is collected and analyzed to better understand the needs, behaviors, and preferences of potential customers.

market research

• It helps businesses make informed decisions about products, pricing, promotion, and placement.

market research

- is a group of potential customers–people or businesses–who are willing and able to purchase a particular product

Market

- environment refers to any social, economic, or political factors that could impact your business

Business environment

- these can be individual consumers/businesses

Customers

- offer a product/service similar to yours

Competitors

The limited number of customers who are most likely to buy the product/service represents your ??

target market

Benefits of Market Research:

- Identifies target market and customer demographics

- Reveals customer needs and trends

- Reduces risks in launching new products or services

- Guides marketing strategies

- Increases chances of business success

is a grouping of consumers or businesses within a particular market that has one/more things in common

Marketing segment

How to Conduct Market Research: (video)

1. Understand your target market

2. Conducting primary research

3. Conducting secondary research

4. Market segmentation

5. Surveys and questionnaires

Types of data:

Qualitative Data  — Quantitative Data

Data gathering techniques:

• survey

• interview

• focus group discussion

- the most common way to gather primary data (can be web-based or paper-based)

Survey

- done in person (15-40 minutes but it depends)

Interview

types of interview:

• personal interview

• telephone interview

• (90-120 minutes)

  • 8-10 participants

  • Assign an expert moderator who can manage group dynamics

  • Use a semi-structured or open-format discussion

  • Strive for consistency in the group’s composition (group interviews)

• Focus group discussion