What is market research?

Summary

This video offers an in-depth overview of marketing research, explaining its importance in understanding consumer needs and minimizing risks in launching new products or campaigns. It outlines the steps involved in conducting effective market research, such as defining the problem, selecting a representative sample, and analyzing results. Additionally, the video covers various research techniques like desk research, surveys, and interviews, as well as the distinction between primary and secondary market research. The video emphasizes the role of thorough market research in making informed business decisions.

Takeaways

• 📈 Market research is essential for understanding consumer needs and reducing the risk of product unacceptance.
• 🔍 It is a systematic process of identifying and analyzing information related to marketing techniques and problems.
• 📊 Marketing research helps in sales forecasting and ensures sound marketing decisions by discovering how, where, and to whom to sell.
• 🏢 Sales analysis within a company can provide insights on product performance and customer preferences using recorded data.
• 📊 Market research includes a wide scope such as market potential measurement, market characteristics, competitive analysis, and more.
• 📝 The research process involves defining the problem, selecting a representative sample, data collection, analysis, and reporting.
• 👥 A representative sample ensures the research findings accurately reflect the larger population's views and characteristics.
• 📋 Proper data collection instruments are crucial to prevent errors and ensure reliable research outcomes.
• 📊 Accurate analysis of results is vital for making appropriate decisions based on the research findings.
• 📝 The research report should be clear and focused on the objectives, using storytelling to present conclusions effectively.
• 🔬 Market research techniques include desk research, postal questionnaires, telephone interviews, personal interviews, observation, and statistical methods.
• 🔍 There are two main types of market research: primary, which involves direct data collection, and secondary, which relies on existing data.

Q & A

What is the primary purpose of marketing research?

The primary purpose of marketing research is to identify and analyze information related to marketing techniques and problems, ensuring the continued vitality of a business by understanding customer needs and market trends.

Why is market research considered valuable to a manufacturer?

Market research is considered valuable to a manufacturer because, when properly conducted and used regularly, it provides insights into consumer acceptance, helps in making sound marketing decisions, and ensures the product meets market demands, just as technical research does.

What does marketing research include in its scope?

The scope of marketing research includes measurement of market potential, determination of market characteristics, market share analysis, competitive product studies, short and long-range forecasting, studies of advertisement effectiveness, pricing studies, plant and warehouse studies, distribution channel studies, and more.

What are the steps involved in conducting effective market research?

The steps involved in conducting effective market research are: 1) Define the problem, 2) Define the sample, 3) Execute data collection, 4) Analyze the results, and 5) Make the research report.

What is the importance of a well-defined problem in market research?

A well-defined problem in market research is crucial as it guides the researchers in formulating questions aimed at solving the problem. It ensures the research objectives are clearly recorded and helps in obtaining the necessary information in a precise manner.

What is a representative sample in market research?

A representative sample in market research is a subset of individuals that accurately represents a larger group. It ensures that the research findings can be generalized to the entire population, making the study more reliable.

What are the two main ways to obtain a representative sample in market research?

The two main ways to obtain a representative sample in market research are probability sampling, where the choice of the sample is made at random, and non-probability sampling, where different types of people are sought to achieve a balanced representative sample.

Why is accurate data collection important in market research?

Accurate data collection is important in market research to prevent errors that can arise from incomplete or incorrect responses. It ensures that the data collected is reliable and valid, leading to more appropriate and effective decision-making.

What is the role of analysis in the market research process?

Analysis in the market research process is critical for interpreting the collected data. It helps in identifying patterns, trends, and insights that can inform marketing strategies and decisions. Without accurate analysis, the research may not yield useful results.

What advice is given for making a good research report in market research?

To make a good research report, it is advised to use storytelling, start with conclusions, present fundamentals instead of accumulating evidence, ensure the report is relevant and accessible to anyone interested, and restructure data to discover new and valuable information.

What are the main techniques of marketing research mentioned in the script?

The main techniques of marketing research mentioned in the script are desk research, postal questionnaires, telephone interviews, personal interviews, observational methods, and statistical methods.

What is the difference between primary and secondary market research?

Primary market research involves collecting data directly from sources, and it can be either qualitative or quantitative. Secondary market research, on the other hand, relies on existing information and data, making use of reports and existing market research to gain insights.