Market research is an important part of marketing and economic and social research. It involves collecting, analyzing and interpreting data about markets and ways of influencing them.
The aim is to gain information that helps with marketing decisions. Market research is also used in other areas of a company, such as controlling, sales, purchasing, human resources or business intelligence.
The objectives of market research include the early identification of trends, opportunities and risks, minimizing the risk of wrong decisions, supporting decision-making in the company and improving the information base for decision-makers.
There are various areas of knowledge in market research, such as market characteristics, customer segments, customer behavior, customer satisfaction, product acceptance, advertising impact and competition analysis.
Market research criteria
Market research must fulfill certain scientific criteria, including objectivity, reliability, validity and representativeness.
A market research project goes through several phases, including formulating the problem, defining the research design, selecting the methods, collecting and analyzing data and presenting the results.
Market research can be divided into quantitative and qualitative research. Quantitative research aims to establish facts and figures, while qualitative research examines motives and attitudes. There are also specialized forms of market research, such as market research for capital goods or business-to-business market research.
In primary research, data is collected directly from market participants, e.g. through surveys or observations. Secondary research uses existing data, such as sales statistics or reports.
Consumer neuroscience is an area that combines neuroscience and market research in order to better understand consumer behavior.
Who needs market research?
Large companies often have their own market research departments, while smaller companies have this done on the side by marketing managers. External market research companies with specialist knowledge and experience are often commissioned.
