Learn: Market Research

Welcome!Today we'll explore market research, an essential part of business planning. You'll learn what it is, why it's important, and how businesses use it to make informed decisions.

What is Market Research?Market research is the process of gathering, analysing, and interpreting information about a market, including customers, competitors, and trends. It helps businesses understand demand, customer preferences, and market conditions.

Why is Market Research Important?Market research is important because it enables businesses to make informed decisions. It reduces risks by identifying whether there is demand for a product or service, helps target the right customers, and ensures effective pricing and promotion strategies.

Types of Market ResearchThere are two main types of market research: primary research and secondary research.Primary research involves collecting new data directly, such as through surveys, interviews, or focus groups. Secondary research uses existing data, such as reports, statistics, or articles.

Methods of Market ResearchCommon methods of market research include:Surveys: Collecting data from a large group of people through questionnaires.Focus groups: Small group discussions to understand opinions and preferences.Observation: Watching customer behaviour in real-world settings.Interviews: One-on-one discussions to gather detailed insights.

Analysing Market ResearchOnce data is collected, businesses must analyse it to identify trends, patterns, and actionable insights. Tools like graphs, charts, and statistical models are often used to present findings clearly.

Market SegmentationMarket segmentation is dividing the market into smaller groups of customers with similar characteristics, such as age, income, or buying habits. This helps businesses target their products and marketing more effectively.

Review Time!Great work! You've learned about market research, its importance, types, methods, and market segmentation. Now let's test your understanding with a few questions.