- Market research involves gathering information about the processes, phenomena and causes of a given sector.
- Considering the time horizon, we can distinguish two types of market research: market data analysis and forecasting.
- According to , research is divided into quantitative and qualitative.
- Regarding the type of data analysis, we also distinguish two types of research: primary and secondary.
- Due to its organization, research is divided into internal and external.
- In terms of purpose, we can distinguish different types of analysis. Among the most important are exploratory research, test research and others such as price research.
- Market research helps businesses thrive and gives them the opportunity to gain a sort of competitive advantage, predict demand and set their marketing strategies in the best possible way.
- The opportunities offered by market research are seized primarily by existing phone number list companies, for which data knowledge about the sector in which they operate is invaluable, and by companies planning to expand into new markets.
- Both the duration of each project and the cost of implementation are determined on a case-by-case basis
I recently had the pleasure of attending a consulting trade show. However, I was surprised by the number of questions I received about the services offered by the consulting firm I work for. Among the answers I was given, it was often said that we conduct market research.
Unfortunately, in most cases this answer did not satisfy my interviewees. This was due to the 7 tips to increase b2b sales fact that not everyone knows what market research really is and how it is carried out. Answering these questions required me to give long explanations so that my interlocutors understood what the main activity of our company consisted of.
Therefore, in order for a wider audience to understand what market research is, I have decided to gather the most important information
and present it in an accessible way. At the same time, I wanted to show the benefits of market analysis and explain why this type of research can greatly facilitate a company’s decision-making process regarding its future direction.
What is a market study?
Market research consists of gathering information about the processes, phenomena and causes of a given sector. According to Jerzy Dietl, professor of economics, market research is “a set of activities leading to the understanding of market phenomena, factors and processes, their genesis, qatar data current form and development trends”. Its aim is to obtain information about the basic mechanisms of the market, such as supply, demand and prices of products and services, but also about the behaviour of competitors operating in a given market, consumer preferences and expectations, sales systems or distribution networks.
What types of market research exist?
Considering different types of criteria, market research can be divided into 5 aspects, including:
- time horizon,
- data acquisition method,
- type of data analyzed,
- the way a particular study is organized,
- aim.
Below is a more detailed breakdown of the studies, based on the factors mentioned.
Are you interested in research because you are planning to enter a new market?
We know that the topic of entering new markets is extremely complicated. Starting with the question of the profitability of the expansion itself and ending with the planning of optimal measures, we have therefore created a guide entitled “Company Expansion” – ” How to Prepare for Entering a New Market? ” for those who wish to delve deeper into the subject.
In addition to practical advice, the report also contains examples of projects we have carried out for sectors such as geotechnics, IT and consumer goods. You can also read case studies, projects from recent months in which we have helped our clients enter foreign markets.
If you are planning to expand your product/service to a new market or are responsible for exports, marketing or sales in your company, this material is for you !
For more detailed information and practical tips on successful expansion, feel free to download the free report “How to prepare to enter a new market?” .
Data analysis and forecasting
Taking into account the time horizon, we can distinguish two types of market research. T
he first is the analysis of market data on past and current phenomena. It consists of obtaining all
available information through methods such as interviews, use of databases (for example,
the Central Statistical Office), conducting surveys, etc. The second type of research is forecasting,
which allows to find out trends and also to predict the future situation of the market studied.
Quantitative and qualitative research
Research is divided into quantitative and qualitative . Quantitative surveys offer the
possibility of making statistical inferences because they are numerical data. They also allow obtaining a
large number of indicators that allow identifying the state or trends of the market. Qualitative
research is carried out on smaller groups of respondents than quantitative research and is used to
analyze a phenomenon in depth.
Primary and secondary research
As regards the type of data analysis, we also distinguish two types
of research: primary and secondary. Primary research consists of the collection of data
obtained directly for the specific study being carried out. Its great advantage is its timeliness and
relevance (it refers to the specific market in question).
Secondary research uses data collected in the past from various
types of studies, columns, essays, statements in industry forums, financial and statistical
reports, and databases. They are usually less expensive because the databases do not have to be
created from scratch and (in the case of popular markets) are much easier to obtain than primary data.
Internal and external surveys
Based on their organisation, research is divided into internal and external. The former are based on the use
of already collected information relating, for example, to the financial situation or to competitors, which makes
it unnecessary to resort to external data. The latter, on the other hand, use
information obtained by other companies or authorities (for example, the Central Statistical Office).