| What is Market Research? |
As of July 2008, Wikipedia describes Market Research as a “process of systematically gathering,
recording and analyzing data and information about customers, competitors and the market”.
Wikipedia lists a number of questions that can be answered through market research, which
include market activities, trends, competitors, what consumers are saying, and client needs –
which needs are important, and which are being met by current products. http://en.wikipedia.
org/wiki/Market_research
Market Size, the question that we find clients to be far and away the most interested in, is not
included in the above list, but certainly should be. Other very important questions whose answers
are often at least partially sought through market research are price, and what are often referred
to by industry participants as pain points. Pain points are those aspects of the current way of
doing things, or the current product solutions available, which purchasers find less than ideal –
what they like least, or what they would like to see improved / replaced / changed / or eliminated.
In short, Market Research is the act of learning about the marketplace and the needs & wants of
potential clients, to assist in both strategic and tactical decisions that a business might consider
taking to optimize their potential sales. There are many different potential approaches to
obtaining answers, both formal and informal. Interestingly, while the potential questions that
could be addressed by market research are virtually limitless, there are some questions for which
market research may be the only economical and effective way to find answers that company
strategists can be confident in. Bankers and investors expect companies to have conducted
market research before considering providing financial support for two major reasons – to judge
whether management’s plans appear reasonable & realistic, and to determine the quality of the
management, to view their level of sophistication and preparedness.
Research can generally be divided into two major types – primary and secondary. Secondary
Research is the obtaining of answers from already published sources. Primary Research is
research that is conducted directly, such as through surveys, interviews, and focus groups.
Properly designed and executed, primary research deals directly with the specific topic that is
being investigated. On the other hand, it is often difficult to find dependable published data that
covers precisely what is being sought.
recording and analyzing data and information about customers, competitors and the market”.
Wikipedia lists a number of questions that can be answered through market research, which
include market activities, trends, competitors, what consumers are saying, and client needs –
which needs are important, and which are being met by current products. http://en.wikipedia.
org/wiki/Market_research
Market Size, the question that we find clients to be far and away the most interested in, is not
included in the above list, but certainly should be. Other very important questions whose answers
are often at least partially sought through market research are price, and what are often referred
to by industry participants as pain points. Pain points are those aspects of the current way of
doing things, or the current product solutions available, which purchasers find less than ideal –
what they like least, or what they would like to see improved / replaced / changed / or eliminated.
In short, Market Research is the act of learning about the marketplace and the needs & wants of
potential clients, to assist in both strategic and tactical decisions that a business might consider
taking to optimize their potential sales. There are many different potential approaches to
obtaining answers, both formal and informal. Interestingly, while the potential questions that
could be addressed by market research are virtually limitless, there are some questions for which
market research may be the only economical and effective way to find answers that company
strategists can be confident in. Bankers and investors expect companies to have conducted
market research before considering providing financial support for two major reasons – to judge
whether management’s plans appear reasonable & realistic, and to determine the quality of the
management, to view their level of sophistication and preparedness.
Research can generally be divided into two major types – primary and secondary. Secondary
Research is the obtaining of answers from already published sources. Primary Research is
research that is conducted directly, such as through surveys, interviews, and focus groups.
Properly designed and executed, primary research deals directly with the specific topic that is
being investigated. On the other hand, it is often difficult to find dependable published data that
covers precisely what is being sought.
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