MARKET RESEARCH
Market research? → is the systematic and objective
identification
collection
analysis
dissemination
and use of information
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
Research 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 ?
used to :
• 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.
When do we do research ?
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 ?
The market research is limited ?
→ 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
What is research?
Research is 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
Limitations
From the definition of the problem to non-use of the findings