What is market research?
Market research is a crucial component of any successful business strategy. It involves gathering and analyzing information about a specific market, including the needs and preferences of consumers, the competitive landscape, and industry trends. This information is then used to make informed decisions about product development, marketing strategies, and overall business planning.
Why market research is essential?
There are several key reasons why market research is essential for businesses. Firstly, it helps to identify and understand the needs and preferences of consumers. By conducting surveys, focus groups, and other research methods, businesses can gain valuable insights into what their target market is looking for in a product or service. This information can then be used to tailor products and marketing strategies to better meet the needs of consumers.
Advantages
Market research also provides valuable information about the competitive landscape. By analyzing the strengths and weaknesses of competitors, businesses can identify opportunities for differentiation and competitive advantage. This can help businesses to develop unique selling propositions and positioning strategies that set them apart from their competitors.
In addition, market research can provide valuable insights into industry trends and market conditions. By staying abreast of changes in consumer behavior, technological advancements, and other market dynamics, businesses can adapt their strategies to stay ahead of the curve and capitalize on emerging opportunities.
Methods
There are several methods that businesses can use to conduct market research. Surveys, interviews, and focus groups are common techniques for gathering primary data directly from consumers. Secondary research, which involves analyzing existing data and reports, can also provide valuable insights into market trends and consumer behavior.
In general, there are different classifications for marketing research methods. However, marketing research methods can be considered as consisting of 3 main groups, which are:
The first group
library methods or desk research: in this case, secondary data or existing data; It is taken into consideration and current sources are used to study and investigate the market. The most important secondary sources are government reports; reports published in newspapers; Union studies and reports; available sales data; Ready reports such as Euromonitor reports and…
The second group
Quantitative methods: Quantitative methods are based on primary data in a way that these data do not already exist and with different methods, especially interviews; is collected Quantitative methods are based on numbers. In these methods; Usually we are faced with a significant sample size and it is supposed to be with the help of the collected data; Describe the market situation, consumer behavior, performance of competitors, etc. For example, when we intend to evaluate consumer buying behavior, or identify the place of purchase; Quantitative methods are suitable options. Quantitative methods have a great variety, however, two methods of face-to-face interview (F2F Interview) and telephone interview (CATI) are considered common methods in this field. Generally ; Quantitative methods are suitable for answering questions such as the following:
• Where do customers buy from?
• What brand or product do they buy?
• Who do they ask for help in choosing a brand or product?
• Which brands do they pay attention to when shopping?
• Which brands do the ads evoke?
• And ….
The third group
Qualitative methods: Qualitative methods are also based on primary data and during it; Collecting data that is not already available. However, in qualitative methods, we do not mainly deal with figures and numbers. Qualitative methods are mainly based on propositions and we try to “answer more deeply” questions. For example, when we intend to know the consumer’s deep motives for buying a specific product or brand; qualitative methods; are suitable options. Qualitative methods have a lot of variety, however, the two methods of focus group (Focus Group) and in-depth interview (IDI) are considered common methods in this field. Generally; Qualitative methods are suitable for answering questions such as the following:
• What factors are effective in choosing a product or brand? (when there is an intention to deeply examine the motivations for buying a product or brand)
• How does the consumer evaluate the quality of a product?
• What are the consumer criteria for prioritizing brands?
• Why do audiences like a particular advertising teaser?
• What are the basics of consumer behavior when buying a product?
• What attitude do customers have towards a particular brand and how do they describe it?
