What is Market Research?
The scope of Market Research is broad and for those that are new to the industry it’s compass and purpose can be confusing. That’s because the definition of Market Research differs depending on the individual business issue or objective. To help you define yours and understand others, here are 20 distinctly different definitions of the term. Whilst all are valid and useful, the purpose of this article is to help you look through them and decide which classification best suit your circumstances. So let’s get started.
1. Market research is any organized effort to gather information about markets or customers.
2. Market research is the key factor to get advantage over competitors.
3. Market research provides important information to identify and analyze the market need, market size and competition.
4. Market research is for discovering what people want, need, or believe.
5. Market research is commercial research conducted primarily with consumer respondents.
5. Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst unique demographics.
6. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it.
7. Market research deals specifically with the gathering of information about a market’s size and trends.
8. Market research aids in providing important information and in guiding business strategy.
9. Market research is an early step in marketing-which stretches from the original conception of a product to its ultimate delivery to the consumer.
10. Market research uses tools such as statistical analysis packages, surveys, mystery shopping, focus groups and new product tests to help achieve success for a product. 11. Market research uses methods and procedures for obtaining the data by creating surveys to assess consumer preferences.
12. Market research can provide small business owners with the information they need to answer a wide range of questions, including: Who are my customers.
13. Market research is the activity of collecting and studying information about what people want, need, and buy.
14. Market research involves surveying current and potential customers about what types of products or services they might want.
15. Market research is always conducted to solve a specific problem.
16. The BTEC national business book one edition two defines market research as “an aim to help organisations make effective decision by providing information that can inform the decision making process”.
17. Market Research can be defined as the systematic collection and analysis of data about a certain target market, environment or competition.
18. Market Research is a systematic, objective collection and analysis of data about a particular target market,
19. The purpose of market research is to study the potential or progress of a business plan.
20. Market Research plays a key part in knowing which of your new business ideas will fly in the marketplace.
So there you have it 20 definitions of Market Research, to learn how to apply it to marketing and advertising a free booklet on market research uk is available to all marketing professionals who wish to improve their response rates from espconsultancy.com the marketing research specialists.
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