I want to work later in Market Research. But what is Market Research? In the following paragraphs I will give you a short overview.
Market Research
“Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent.”
Source: Market Research World
Order of research: Golden Rules
- Internal sources before external sources
- Secondary before primary research
Main Questions to ask
- What is happening in the market? What are the trends? Who are the competitors?
- How do consumers talk about the products in the market?
- Which needs are important? Are the needs being met by current products?
Three categories underneath
MR is for me information you research and analyse now so you can make forecasts for the future. You estimate future trends for specific products or services. That’s why I created another Blog on WordPress: a blog about Market Research.
1) Competitive Intelligence: An analysis about the main competitors
2)Consumer Behavior: How the target reacts, likes?
3) Market Research: Business Environment: How are the political, economical, social and technological factors?
