Market research
Free
About this course
About this category
Market research is the process of gathering and analyzing information about a market and 11ts customers’ needs and wants for a product or service. The aim of market research ·s to help businesses make better decisions so that they can be more successful.
the word market can be used to describe a range of things that relate to, the buying and selling of an entrepreneur’s products or services including:
•The competitors
•The geographical location
•The volume & value of sales
•The type of customers (target market)
Understanding the breadth of the word market helps students to understand that “market research” covers many different areas. for more information, on Markets see Additional Background Information.
Both planning for and conduct1ng market research can be challenging topics for entrepreneurs (and students). Market research doesn’t neatly fit into one place In the entrepreneurial process and most entrepreneurs carry out many different types of market research throughout the process from idea generation to product launch (and beyond). Encourage students to see market research as an ongoing activity providing a vital feedback loop that will help them develop and improve their product or service and increase their chances of success.
It is worth malting students aware that marl‹et research often leads to more questions! Students will need to grapple with the reality that they cannot get perfect information and know everything they need to know. If they are creative, however, they can gain valuable insights into their market and their customers. This will help them make better decisions, but they should always act with a degree of uncertainty and have to decide which risks are worth taking. And, taking calculated risks based on the limited information you have is part of being an entrepreneur! The one key thing to know is that all entrepreneurs will need to do market research on many different aspects of the market – competitors, local conditions, areas of market growth and decline, and most importantly, the customers’ needs and wants!
Research Methods
Research methods are the strategies, processes or techniques utilized in the collection of data or evidence for analysis in order to uncover new information or create better understanding of a topic. There are different types of research methods which use different tools for data collection.Primary market research, for example, is when you directly interact with potential customers to gain knowledge specific to your potential new venture.
Secondary Research
The material you get from sources other than the potential customer. It is indirect.
Focus Groups
A focus group is a small group of people in your target market who meet for a guided discussion about your business idea. A focus group can: Go beyond numbers to reveal how real prospects react to your idea. Show you whether there is a market for your idea and how much customers will pay for it. In the marketing world, focus groups are a way of reaching out to existing or potential customers for feedback. Companies of all sizes often use focus groups to improve an existing product or service or to test new ideas.
Surveys
Determine the key business questions where feedback from a large audience would help you make better decisions. Using a survey or even series of recurring surveys to monitor trends can help find answers quickly, and help give you the confidence to sprint forward and grow your customer base.
Syllabus
Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems, and pinpoint realistic competitors. Market research facilitates decision making, reduces uncertainty, and highlights consumer problems. Market research drives every aspect of a business such as: Identifying new market opportunities and evaluating the existing markets. ... Evaluating and analyzing the company's reputation and performance.
Research Methods
Research methods are the strategies, processes or techniques utilized in the collection of data or evidence for analysis in order to uncover new information or create better understanding of a topic. There are different types of research methods which use different tools for data collection.Primary market research, for example, is when you directly interact with potential customers to gain knowledge specific to your potential new venture.
Secondary Research
The material you get from sources other than the potential customer. It is indirect.
Focus Groups
A focus group is a small group of people in your target market who meet for a guided discussion about your business idea. A focus group can: Go beyond numbers to reveal how real prospects react to your idea. Show you whether there is a market for your idea and how much customers will pay for it. In the marketing world, focus groups are a way of reaching out to existing or potential customers for feedback. Companies of all sizes often use focus groups to improve an existing product or service or to test new ideas.
Surveys
Determine the key business questions where feedback from a large audience would help you make better decisions. Using a survey or even series of recurring surveys to monitor trends can help find answers quickly, and help give you the confidence to sprint forward and grow your customer base.
Reviews
Our course begins with the first step for generating great user experiences: understanding what people do, think, say, and feel. In this module, you’ll learn how to keep an open mind while learning.