Market research involves:
- Collecting information
- Recording information
These two points will help a business understand its market.
Market research sets out to answer questions like these:
- Who makes up the target audience?
- What do the customers want?
- When do they need it?
- Where does the product sell best?
- How is our market changing?
Collecting your own data, or make others collect the data for you.
- Postal surveys
- Face to face (Questionnaires)
- Focus groups
Also known as: desk research.
Much of the information can be looked up.
- Internet searches (Google)
- Government departments
- Trade associations
- Trade press and magasins
- Competitor websites
- Market research reports (Mintel)
Can be used to gather a lot of information, but which often uses fairly closed responses.
This can be related to questionnaires.
Questions such as:
- How many?
- How often?
Intensive methods involving small samples.
For example, a focus group discussing their feelings about a particular product.