Can you tell me more about market research?

Of course we can!

Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary market research, which is collected direct from a respondent.

The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they are large or small.

Market Research is either quantitative, qualitative, or a combination of both. Qualitative and quantitative market research methods each provide different insights into customer behaviour. Normally, research results are more useful when the two methods are combined.

Qualitative research provides an understanding of how or why things are as they are. For example, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. Unlike quantitative research there are no fixed set of questions but, instead, a topic guide (or discussion guide) is used to explore various issues in-depth. The discussion between the interviewer (or moderator) and the respondent is largely determined by the respondents' own thoughts and feelings.

There are various types of qualitative market research methodologies. Research of this sort is mostly done face-to-face. One of the best-known techniques is the market research group discussion (or focus group).