market research

Market Research is the process of gathering, analyzing, and interpreting information about a market, including information about the target market and potential customers. It helps businesses understand the market dynamics and make informed decisions.

• Purpose of Market Research:

  • Understand consumer needs and wants.

  • Identify market opportunities and potential threats.

  • Inform product development and marketing strategies.

• Types of Market Research:

  • Primary Research: Collecting new data firsthand through surveys, interviews, focus groups, and observations.

  • Secondary Research: Analyzing existing data collected by other sources, such as reports, studies, and statistics.Secondary research can be both internal and external 

• Methods of Data Collection:

  • Qualitative Methods: Non-numerical data that provides insights into consumer behavior, such as interviews and focus groups.

  • Is the which is expressed by attitudes belief and intention or expressed by words 

  • Quantitative Methods:Numerical data that can be measured and analyzed statistically, such as surveys and questionnaires.

  • Which is expressed by numbers