Decision making means accepting risk. Because if a wrong decision is made; It usually leads to wasting financial resources, time, etc. What can reduce the risk of decisions is Data and information. Market research means gathering and analyzing information that can reduce the risk of decision making for marketing and sales managers, business owners, traders and people associated with companies. On the other hand, market research means providing any information about macro indicators o market and customer behavior in a way that can determine the direction of total decisions of organizations. Usually when it comes to market research; Topics such as the following are proposed:
- General market trends
- Industry or market growth rate
- Market size
- Value Size & Volume Size
- Market & Customer segmentation
- Consumer behavior and main patterns
- Major market players
- Forecast the future of the market
- Recognize the factors influencing the market trend
Therefore, the main output in market research is the overall picture of the market (Market Snapshot) without paying attention to the organization or marketing activities of competitors. Market research usually provides general and macro information and does not pay attention to micro-topics. Market research is different from marketing research, although they have a lot in common. Market research is usually broader and more general than marketing research, focusing on macro issues and more closely related to economic issues. Market research is especially useful before entering a new market and before launching a new product. Two groups of projects, GoToMarket Research and Overall Studies, are highly dependent on market research.
Market research, like marketing research is based on three approaches: Desk, Quantitative and Qualitative. However, Desk research (based on secondary data) plays a more prominent role in market research than marketing research.