1.1.2 Market Research

Market research

Gathering information about consumers' needs and preferences to identify opportunities and threats and make informed decisions.

Market Oriented

When a business puts the consumer as the most important factor when providing products for the market.

Product Oriented

When a business puts the product as the most important factor when providing products for a market.

Primary Research

Original data gathered by the researcher that doesn't exist yet and can be gathered through methods such as questionnaires, surveys, interviews, and observation.

Secondary Research

Information that has already been gathered such as data found online, in government publications, or trade press.

Quantitative Data

Information that can be measured using numbers and analysed using mathematical or statistical methods.

Qualitative Data

Non-numerical information that is descriptive and subjective, used to gain a deeper understanding of people's experiences and behaviors.

Market Segmentation

The identification of an identifiable group of individuals or part of a market where consumers share one or more characteristics or needs.