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What is Market Research?
A gathering of information that can make a significant contribution to your business.
Market research often involves collecting information about how, why and what people buy.
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What are the benefits of doing Market Research?
- Identifies market segments that you can target
- Develop new products or services that people will want to buy
- Develop new ways of reaching customers
- Identifies unmet needs of consumers
- Identifies what your competition is doing
- Identifies how loyal your current customers are
- Identifies what's going on in the market, what are consumers buying
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What are the types of Research?
There are various types of research that can be done according to what your objectives are.
Once you have identified what you want to know, you can determine what type of research you need.
E.g. Customers/Consumers, Competition, Distribution, Branding, Communications, Packaging, Product,
Pricing, Promotion.
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What is a respondent?
A participant who takes part in the market research project.
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What does Methodology mean?
A set of procedures or methods used to conduct research.
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How do I determine what type of methodology would help my business reach its objectives?
Once you have identified your objectives and the type of research you need, the Research Executive
can make expert recommendations that will help you reach your goals. If you are unfamiliar with
the various methodologies, the Research Executive can review them with you in detail in the
briefing stage.
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