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Business

What is Market Research?

1. Market research is the vehicle for gathering the information that serves as the foundation for the Marketing Plan

  • Collect, analyse, and interpret data related to a company’s market, customers and competitors
  • Determining customer needs
  • Demographics

2.  Market research does not have to be time consuming, complex, or expensive to be useful

  • Web-based market research – online surveys
  • Trend-tracking

How to conduct market research:

1. Define the objective

2. Collect the data

  • Individualized (one-to-one) marketing
  • Primary research
  • Secondary research

3. Analyze and interpret the data

4. Draw conclusions and act

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