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Introduction to Market Research

WHY CONDUCT MARKET RESEARCH?

❶Some other common situations that might call for market research include:.

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The Research and Statistics section of the Canada Business website offers a number of categorized links to data and analytical resources, many of which are free to access. Other sources of secondary research materials include libraries, universities, industry associations and government departments. The address of this page is: Click on one of the two buttons to access the content you wish to view.

Factsheet Introduction to market research Share on: Market research can help you: Some other common situations that might call for market research include: The two broad types of research you can use are primary and secondary research: Secondary research involves searching existing information that has already been collected, such as demographic data and industry statistics, and using it in your own business or marketing plan. The following are examples of questions that can be addressed through secondary research: What are the current economic conditions, and are they changing?

What are the industry trends? Are there international markets for my product or service? Who are my customers? Population, age group, income levels, where they live, etc. What is the state of the labour market?

Some of the questions you can consider include: Who is My Customer? Knowing who your customer is will help you choose a location, establish pricing, and plan a selling strategy. Who will buy my product? Make sure that your product or service is meeting the needs of your customers.

Who is My Competition? Determine who your major competitors are, try to locate their strengths and weaknesses, and see how your business compares. Where Are My Customers Located? Knowing where your potential customers are located will help you choose a location, what kind of promotions to use, and other marketing strategies. It can also help you learn about changes in your industry and how those changes could impact sales.

What Will I Charge? The goal for your business is to maximize your profits while remaining competitive. How will we analyze any data collected?

What software will we use? What degree of accuracy is required? Go back and speak to the managers or clients requesting the research. Make sure that you agree on the problem! If you gain approval, then move on to step seven. Go ahead and collect the data. It is not uncommon to find errors in sampling, data collection method, or analytic mistakes. Write your final report.

This will contain charts, tables, and diagrams that will communicate the results of the research, and hopefully lead to a solution to your problem. Watch out for errors in interpretation. There are two main sources of data — primary and secondary. It is original and collected to solve the problem in hand. We have given a general introduction to marketing research.

Marketing research is a huge topic area and has many processes, procedures, and terminologies that build upon the points above.

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Introduction to Marketing Research. Lesson; Exercise; Answer; Market research and marketing research are often confused. ‘Market’ research is simply research into a specific market. It is a very narrow concept. ‘Marketing’ research is much broader. It not only includes ‘market’ research, but also areas such as research into new products, or .

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Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business. Consumer demands impact and direct all aspects of your company’s activities and can determine the success or failure of your business.

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Marketing research is used to rally employees, chart the direction of a company and set goals for the future. This all starts with a solid introduction to the marketing report, which must be detail-rich but not meander from core points. This book is a gem during the research process.'-Wybe T. Popma, Senior Lecturer Marketing, Brighton Business School. The Practise of Market Research offers a comprehensive and understandable account of the techniques and practical tasks involved in setting up and running marketing or social research projects.

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1. Introduction to Marketing Research Overview 2. Outline Marketing Marketing Research Defined The Role of Marketing Research Characteristics of Marketing Research Types of Marketing Research Studies The Marketing Information System The Future of Marketing Research Summary 3. an introduction to market research Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment.