A market research study allows the analysis of all components of a market and provides responses to marketing questions asked by the company wanting to succeed such as:
How to integrate this market?
How to develop our market share?
How to stop the growth of competitors?
How to communicate, distribute?
What business model?
Objectives help to define a strategy in a market:
- market size, trends, market share
- strengths / weaknesses of competitors
- purchasing behavior and selection criteria of products
- buying motivations of products / brakes
- uses of products
- customer profiles
- features of the product range
- product prices
- standards and regulations
- communication and distribution, etc.
There are 2 types of market research:
- qualitative studies
They are conducted on small samples, they do not claim to be representative of the results but they are looking to understand a process, situation, etc.
Information collection methods are: focus groups, face-to-face, phone or Internet interviews
- quantitative studies
To prioritize key success factors and evaluate some variables.
The sample is usually important, the representativeness of the results is desired.
The collection of information is done through surveys.
The steps of market research are:
- goal setting
- information collection
- data analysis