Market Research
Market research involves gathering and analyzing information about a market, including its size, trends, and customer preferences. This data helps businesses make informed decisions about their products, services, and marketing strategies. Market research can be conducted through various methods such as surveys, interviews, and data analysis to gain insights into consumer behavior and market dynamics.
8 Key excerpts on "Market Research"
eBook - ePubMarketing Higher and Further Education
An Educator's Guide to Promoting Courses, Departments and Institutions
- Paul Gibbs, Michael Knapp(Authors)
- 2012(Publication Date)
- Routledge(Publisher)
...3 Market and Consumer Research Market Research Market Research and consumer research help to define risk. They are undertaken to inform a decision to commit time and money to marketing goals. Research can help to reveal some of the probable emotional and practical results of certain institutional behaviours. In general it attempts to provide objective facts that lead rational decision makers to a conclusion. However, it cannot make predictions with certainty and the decision maker’s own judgements are critical to the consequences of the research. There is an important difference between preparing Market Research and responding to the results. Know the risk profile of the decision makers and then design the research methodology to help them reach a conclusion. Plan ahead: too much or too little information, or too little time spent on analysis, can lead to decisions that are not relevant to the research brief, interesting though they may be. Understanding the dynamics of your market is critical for long-term planning. Identifying the drivers of your particular market is not difficult. They are similar due to the structure of the society being investigated. The real skill comes in predicting the impact that these drivers will have on the marketing problem you are addressing. Capturing well-researched data, and identifying trends in them, form part of the management of information that is the spine of planned marketing action. The trend analysis that emerges from the investigation of the institution’s macro-environment is then used alongside the results of monitoring the institution’s internal environment in the form of enrolments, research funds and donations, to provide an enriched understanding of who your customers are, what they will want and how fit you are to provide it. Kotler (1999) suggested that there are five trends that underpin markets and, by understanding trends revealed by research, valuable contextual information for marketing decisions can be gained...
- Bruce B. Frey(Author)
- 2018(Publication Date)
- SAGE Publications, Inc(Publisher)
...Magdalena Bielenia-Grajewska Magdalena Bielenia-Grajewska Bielenia-Grajewska, Magdalena Market Research Market Research 1013 1018 Market Research Market Research can be defined as a set of activities and approaches aimed at gathering information about companies as well as current and potential customers and their needs, possibilities, and expectations. Many of the research methods and tools central to educational research such as surveys, attitude assessment, interviews, and focus groups are also central to Market Research, and Market Research is used to investigate aspects of educational institutions and products. After further breaking down the definition of market and Market Research, this entry investigates various types of markets, stages of Market Research, and the two main sources used in Market Research. Additionally, the entry explores the quality/quantity dichotomy, perspectives on the place, time, and online/off-line aspects of Market Research, as well as discipline-oriented approaches and a model approach to Market Research. The way Market Research is conducted depends on various determinants related to the market itself and the broadly understood environment. The multidisciplinary character of Market Research is also connected with the diversity of functions played by markets in the modern economy and other areas of life. First, a market is the place where goods and services are offered, prices are negotiated, and information is shared. It is the place where relations are established and different people meet to sell and purchase goods. In addition, a market does not exist in a vacuum; it responds to the changes taking place in the close and far environment, being determined by different factors. The term market thus fails easy categorization. It can be subcategorized by taking into account subject (what is offered) and locale (where the market takes place)...
- John Lidstone, Janice MacLennan(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
...As a result, product or department managers with little formal training in the research discipline are forced to outsource critical marketing studies. Furthermore, marketing research is rarely cheap or easy to obtain and, in fact, may constitute a significant investment in itself. It is essential, therefore, that it is used to support ‘critical’ decisions and that the information that is obtained is timely, useful and accurate. These are just some of the reasons why an appreciation of marketing research is necessary. The marketing research process There are many components in the marketing research process, from basic problem definition to determining what kind of information you need to be gathered, how it should be gathered, and how it should be analysed. The basic steps in any research operation are: formulating the research problem; determining the research design; determining the data collection method; designing the data collection form; designing the sample and collecting the data; analysing and interpreting the data; preparing the research report. The kind of information that you need to gather might be quantitative or qualitative, ● Qualitative research refers to research that cannot be analysed statistically. The primary use of this type of research is in the early stages of research to find, explore, develop and discover such things as: needs or opportunities; new product concepts; product positioning; advertising and communication concepts; questionnaires; attitude and behavioural effects. Generally it uses in-depth interviews, group discussions or focus groups. ● Quantitative research refers to research which endeavours to produce data in hard numbers. For example 10 per cent of doctors prescribe product x at least twice a week...
eBook - ePubEntrepreneurial Marketing
How to Develop Customer Demand
- Edwin J. Nijssen(Author)
- 2021(Publication Date)
- Routledge(Publisher)
...Chapter 6 Market Research in entrepreneurial context DOI: 10.4324/9781003010197-6 Key issues Explain importance of Market Research to help underpin decisions with facts. Define primary and secondary data. Discuss qualitative versus quantitative research. Explain how to organise Market Research and analyse data. 6.1 Reasons for Market Research Market Research concerns the collection, analysis, and interpretation of data about the marketplace and industry at large to derive information about its size, nature, and development. It fosters market and industry knowledge that can help make business decisions by reducing uncertainty and therefore risk. However, eliminating all risk is impossible for two reasons. First, it is impossible to account for all factors that may affect the outcome – there are always ‘unknown unknowns’. Second, Market Research requires time and is costly, resulting in a diminishing rate of return. The optimum level of Market Research depends on the risk perception and attitude of the entrepreneur. Generally, the objective is to reduce decision uncertainty and make a conscious decision, with a calculated risk. For the entrepreneur Market Research will particularly play a role in validation of the product (service) concept, and to provide knowledge to help refine the original idea. The entrepreneur can use it to discover and evaluate the potential of the target segment but also to best position the new product compared to alternatives in the marketplace. Although budgets may be limited, money spent on Market Research is money well spent because it will prevent obvious mistakes. Although Market Research can be expensive, even with a small budget valuable insights can be obtained from, for instance, the Internet, customers, and experts. Market Research is, however, much easier for ongoing businesses than for start-ups with radically new products. Radically new products may change product categories – and in fact whole industries...
eBook - ePubQualitative Marketing Research
Understanding Consumer Behaviour
- Dominika Maison(Author)
- 2018(Publication Date)
- Routledge(Publisher)
...1 Why we need qualitative research methods The role of research in marketing Data-based marketing decisions Marketing department staff, their heads of departments, and brand managers are constantly called upon to make a wide variety of decisions aimed – in short – at the growth in sales of the manufactured products. This apparently simple case is actually extremely complicated mainly because there is a plethora of factors that can affect the rise or decline in sales. The sale of a product is affected by factors related to the product like the packaging, name, promotion, communication, advertising, price and, of course, the quality of the product, as well as many other external factors like the exposition of the product in the store or the activities of the competition. This is why marketing staff are in constant search of support for their decisions in consumer knowledge and this is exactly what marketing research is intended to facilitate. Marketing research started to become more important when the market became saturated with products with very similar parameters (Alase, 2017; Bailey, 2014; Jeffrey, 2010). This required an assessment of the market needs and consumer preferences so as to aptly adjust production and marketing communication to these expectations and gain a significant market advantage. However, the proper harnessing of information obtained from Market Research is not so simple a task as it may seem and a lot depends on grasping its specific role in making marketing decisions. First, it’s important to bear in mind that consumer research should never be the only source of information but one of many different sources...
eBook - ePubIntegrated Marketing Communication
Advertising and Promotion in a Digital World
- Jerome M. Juska(Author)
- 2021(Publication Date)
- Routledge(Publisher)
...The first possibility is based on the brand being discontinued, while a second is focused on temporary unavailability of the brand. Other options include modifying the characteristics of the product or service and then asking the person how this could change their attitude to that brand. Summary The purpose of marketing research is to minimize the risks associated with decision-making by providing detailed information about industries, products, communication, and consumers. There are two types of research: quantitative, which revolves around statistics and numbers, and qualitative, which focuses on information and insights. The marketing research process begins with secondary research, which includes industry, product, communication, and consumer. This is immediately followed by primary research methods, which are initiatives taken by agencies and advertisers to investigate competitive brands and consumer behavior. After that information is reviewed and analyzed, the need for primary research includes focus groups, personal interviews, survey research, store visits, website analysis, social listening, role-playing, simulations, and projective techniques. Next, product usage insights and perceived brand advantages are discovered, evaluated, and prioritized. And finally, the combined results of secondary and primary research are incorporated into IMC Plans. Discussion Questions Why is it important to complete secondary research before beginning primary research? What is the difference between quantitative and qualitative types of research? How can each of the four categories of marketing research provide valuable information for planning IMC activities? What kind of consumer-oriented research can be obtained from the U.S...
eBook - ePubThe Handbook for Market Research for Life Sciences Companies
Finding the Answers You Need to Understand Your Market
- Jean-Francois Denault(Author)
- 2017(Publication Date)
- Productivity Press(Publisher)
...Chapter 1 Market Research Basics 1.1 Introduction to Market Research Process Coherent and valuable Market Research follows a systemized approach. As such, like many other processes in life, it all starts with building a plan. While it is tempting to jump directly into “Market Research” and start collecting data, a detailed Market Research plan ensures that the data collected will be consistent and useful. As we will see in this chapter, Market Research must be planned beforehand to ensure consistency in the data that is collected, as well as to formalize the end point. Market Research without a coherent plan runs the risk of shifting midway through the process, or even having to start over. Also, a carefully planned study ensures that all stakeholders have the same vision of why the study is being done, and what it is trying to discover. Consider the following example. Many years ago, an advertising agency I was working with was developing continuing medical education (CME) content for a big pharmaceutical company. I was tasked with surveying doctors on their interest in participating in online learning CME courses. The client pushed this project forward as he felt it was urgent, and we sent out a survey questionnaire to over a thousand doctors. As results started to trickle in, we realized that some critical data was not being collected. This happened because in the rush to get the survey out, expectations were not aligned between all the stakeholders involved in the survey. We had to stop the survey, redesign the survey questionnaire, and resend it to participants...
- Bonita Kolb(Author)
- 2020(Publication Date)
- Routledge(Publisher)
...It is rarely the case where everyone of interest can be asked to participate in research. Instead a sample will be chosen from within a larger group based on factors such as age, gender, customer status, or geographic location. People are than chosen in such a way that the choice is random with no input from the researcher. This method is used when factual information is needed. When conducting research to determine why people engage in behavior another method is for the researcher to carefully select participants based on specific attributes such as interests, values, or lifestyle. The research question—knowing what you need to know While there will be many questions that can be researched, the marketers should keep in mind what has already been learned through conducting the internal and external environmental scan. For example, if the external environmental scan found the opportunity of a new customer segment to target, then the research question should focus on analyzing the preferences of these new potential customers. Likewise, if internal analysis revealed weakness of a lack of information on the pricing preference of current customers, then the research question will focus on learning the correct price level that will maximize purchases. The first step to developing a research question is to determine what needs to be known that is not known now. The creative organization will probably be able to think of many information needs. If not, it is helpful to use the customer plus the marketing mix of product, price, distribution, and promotion as a guide. Starting with the customers, the organization may want to know what products they prefer and why they do so. They may want to know how consumers use the product once it is purchased. They may also want to know why some customers do not purchase the product...
