What Is Market Research?

Market Research is the process of gathering and interpreting information for decision making purposes of a business. Also included in this classification is product research, and advertising effectiveness testing.

Business Market Research gives us detailed information about;

• Customers, and their buying decision making process
• The true potential of your product to appeal to and satisfy consumers
• How your offer compares to that of your competitors

Market Research is divided into two sub-categories; Qualitative and Quantitative.

Qualitative Research is ideal for initial projects, to explore overall issues. Qual is conducted using Ethnographic methods, observing social reactions and interactions, and encouraging an ‘open-ended’ response method. Qualitative research is most easily recognised in the form of a focus group.

Quantitative Research is used to draw numerical conclusions, often of hypotheses generated by the Qualitative process. ‘Quant’ attempts to define an issue further, using ‘closed’ response options and administering a much larger audience size. In recent times, Quant has been most characterised by telephone surveys. New options include online surveys, and mobile phone app surveys.