Market Research – an overview of common asked questions
Based on all the feedback my readers have sent me, I have decided to write up a series of blogs about the most common subjects raised in the feedback. Each blog will focus on one specific subject and try to give a comprehensive overview.
The below chart shows an overview of the different subjects and will be used as a guideline for each feature.
The subjects I will cover are:
- Market Research Companies: although I have given a list of top companies before, this blog will go into a bit more detail about the different companies, what they key focus points are and how they can be of use to businesses or individuals
- Market Research Jobs: there are many job titles out there related to market research. In this blog I will try to give a list of the most common ones, what the job entails and a career path / hierarchy
- Market Research Advantages: why should a company do market research?
- Market Research Methods: what are the most common types of market research? Ad-hoc vs Continuous, Quantitative vs Qualitative
- Primary Research: what is meant by this, common methods used
- Secondary Research: what is meant by this, common methods used
Before I go into these different subjects, I will end this first blog with a definition of market research.
Market research is an organised effort to collect information about markets or customers, which includes the interpretation of information, using statistical and analytical methods to gain insight or to support decision making.
The purpose of market research is to discover what individuals want or need and how this translates into how a company can fulfil this want or need.
Often the term is interchanged with marketing research. However marketing research is specifically focusing on processes (consumer marketing, business to business marketing), whilst market research is concerned with markets (product category, region)