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What is Market Research and what is it used for ?

Let’s start by defining market research: Market Research is the systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection which is collected directly from a respondent whether secondary research (often referred to as desk research) or primary research.

Market research uses scientifically-led studies to collect necessary market information, enabling entrepreneurs to make the right commercial decisions.

The purpose of any market research project is to increase understanding of this subject. With markets throughout the world turning highly competitive, market research has never been more important for all organisations, large or small. Market research determines the feasibility of a project and it is an essential tool in adapting a business strategy (communication, pricing policy, products, range…) for the best results.

Therefore, without proper market research, the projected targets are not very valuable.

In concrete terms, it is important to carry out market research in order to:

  • Adapt one’s strategy, that is to say adapting the product range, the communications strategy, the pricing policy and the choice of the site in relation to the market research results.
  • Professionalise the setting-up approach and convince financial partners and others to get involved.
  • Estimate the turnover of the future organisation.
  • And finally to be able to decide whether or not to launch your business.

The market research characteristics could be :

  • The geographical location: local, regional, national, European or international market
  • The type of product/service: a product group (i.e. cosmetics), a type of product (i.e. perfume), a branch of the product type (women’s perfume) or a specified product (a particular brand of perfume)
  • Chronological/time-oriented: past, present or future market
  • The buyers’ profile: sex, age, socio-economical classification, level of education, etc.
  • The intermediates or the end user profiles: stockists, retailers, wholesalers, manufacturers, mothers, children, etc.

Do you want to carry out your own survey?