The Definition of Market Research in 100 Words or Less

first_img Don’t forget to share this post! In some circles, market research is a catch-all term for asking the industry what it wants. “Do we know what the demand is for this product? Who’s even looking for our services? Let me do some market research to find out,” someone might say.Market research can answer various questions about the state of an industry, but it’s hardly a crystal ball that marketers can rely on for insights on their customers. Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.Click here to get started with our free market research kit.Here’s a simple definition of market research that encompasses all the possible goals of this practice, in fewer than 100 words:Market Research DefinitionMarket research is the process of examining an industry’s buyers, the product these buyers want, and where they’re currently getting it. By engaging the right people and data, a business can use this research to position itself in the market and predict where the market will go in the future.To give you an idea of how extensive market research can get, consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you’re trying to learn about your industry. Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market. Quantitative research is concerned with data, and looks for relevant trends in the information that’s gathered from public records.Let’s talk about four different types of market research studies you can conduct, a potential goal of each one, and how these studies help you better understand your market.InterviewsQualitative informationInterviews are the personal, one-on-one conversations you can have with the buyers in your industry. You can conduct interviews in person or over the phone.Your interviewees can answer questions about themselves to help you design your buyer personas. These buyer personas describe your ideal customer’s age, family size, budget, job title, the challenges they face at work, and similar aspects of their lifestyle. Having this buyer profile in hand can shape your entire marketing strategy, from the features you add to your product to the content you publish on your website.Focus GroupsQualitative informationFocus groups are similar to interviews, but in this case, you’re assembling a large group of people for one shared interview. A focus group consists of people who have at least one element of your buyer persona in common — age or job title, for instance.This type of market research can give you ideas for product differentiation, or the qualities of your product that make it unique in the marketplace. Consider asking your focus group questions about (and showing them examples of) your services, and ultimately use the group’s feedback to make these services better.SurveysQuantitative informationSurveys are a form of quantitative research, and you can distribute them over the phone, via email, or through an online survey. A survey could cater to people who’ve downloaded content from your website or interacted with a member of your business.Enough completed surveys can help you determine your customer satisfaction level. This denotes how happy your customers are with what you’re selling them. You might include questions like, “How well did we solve your problem?” and “Would you recommend our product to a friend?”Secondary DataQuantitative informationThe interviews, focus groups, and surveys are all sources of primary data. Secondary data, on the other hand, is the public information — online and offline — that characterizes your industry. This includes competitor websites, social media business pages, trade magazines, market reports, and even census data published by the government.If you examine enough secondary data, you can learn how much brand awareness you have in the marketplace compared to the companies that provide the same product or service as you.The market research you perform doesn’t have to include every source of information described above. What data you collect will depend on the needs of your business and what you might be most interested in at the moment. Ready to give market research a shot? Learn how to get started in this blog post. Originally published Jul 13, 2018 6:00:00 AM, updated July 13 2018 Conducting Marketing Research Topics:last_img read more

China Open: Satwik and Chirag enter semi-final after win over World No. 3 Chinese pair

first_imgIndian men’s star doubles pair of Satwiksairaj Rankireddy and Chirag Shetty continued their prolific run on Friday as they entered the semi-finals of the ongoing China Open upsetting World No. 3 pair of Li Jun Hui and Liu Yu Chen.The Indian duo were at their absolute best as they defeated the former world champions 21-19, 21-15 in the quarter-final clash which lasted for 43 minutes at the Haixia Olympics Sports Center.In what was a rematch of the Thailand Open final, the Indian duo took a 3-0 lead in the first game and conceded it only once at 17-16. Both came out with amazing reflexes and they took the first game 21-19.The second game followed a similar script, with the Indians going one step further by staying ahead throughout the course of the game. The Chinese opponents did try to take the match into the decider by Satwik and Chirag applied an aggressive approach to win the game 21-15 to register their second straight win against their Chinese opponents.The World No. 9 Indian pair will now face top-ranked Indonesian pair of Kevin Sanjaya Sukamuljo and Marcus Fernaldi Gideon who defeated German double of Marks Lamsfuss and Marvin Seidel 21-14, 21-19 to make it to the last four.Satwik and Chirag had earlier defeated the Japanese pair of Hiroyuki Endo-Yuta Watanabe 21-18, 21-23, 21-11 in an intense second-round clash which lasted for 66 minutes. Before that, the Indian duo had triumphed the American pair of Phillip Chew and Ryan Chew 21-9 21-15.advertisementSatwik and Chirag are the lone Indians left in the fray in the ongoing tournament.Also Read | India’s singles campaign at China Open ends with Sai Praneeth’s exitlast_img read more

NFL Insider Reveals Why The CFL Released Johnny Manziel

first_imgcfl quarterback johnny manziel on the sidelineHAMILTON, ON – MAY 28: Johnny Manziel #2 of the Hamilton Tiger-Cats takes part in a preseason practice session at Ron Joyce Stadium on May 28, 2018 in Hamilton, Canada. (Photo by Vaughn Ridley/Getty Images)In late February, the Canadian Football League kicked former college football star Johnny Manziel out of the league. According to a release from the CFL, Manziel “contravened the agreement which made him eligible to play in the league.”The statement from the CFL suggested Manziel broke one of the agreements in his contract. However, the circumstances surrounding his release remained in question, until now.According to NFL insider Benjamin Allbright, Manziel allegedly failed to report for mandatory counseling. The CFL has a “zero-tolerance policy,” thus ending Manziel’s time with the Montreal Alouettes.The decision to kick Manziel out of the league came directly from the CFL, not the Alouettes, Allbright said on Orange and Blue 760.According to @AllbrightNFL, who is on @OrangeBlue760, per sources, Johnny Manziel was cut by the CFL’s MTL Alouettes for failing to report for mandatory counseling. Decision to cut him “came directly from the league,” not from Als. CFL has a “zero-tolerance policy,” per Allbright— Andrew Mason (@MaseDenver) March 18, 2019After his banishment from the CFL, the Alliance of American Football approached Manziel’s camp about a spot in the AAF.Not long after his release from the CFL, Manziel signed a contract with the Memphis Express. Former starting quarterback Zach Mettenberger suffered an ankle injury over the weekend, which could thrust Manziel into immediate action.Next up for the Express is a contest against the Birmingham Iron on Sunday, March 24. Former Penn State quarterback Christian Hackenberg leads the team in passing, but struggled with interceptions early in the season and was benched.Now the team could turn to Manziel.last_img read more

World business leaders meet in Dublin to advance transatlantic trade deal

first_imgBUSINESS LEADERS FROM THE United States and the European Union will meet in Dublin Castle today at a business round table organised by IBEC, the group representing Irish employers.The round table is to coincide with the meeting of EU trade ministers in an effort to advance talks towards a major new transatlantic trade deal.IBEC said today that the meetings will be “crucial” in determining the likely parameters of a new free trade agreement, the Transatlantic Trade and Investment partnership (TTIP) which it said “has the potential to provide a major economic boost to both the Irish and global economies”.A new survey of 142 companies, conducted by IBEC shows that 52 per cent think a deal would lead to increased trade with the US and 20 per cent thin kit would increase investment in their company. A further 19 per cent indicated that a deal would lead to job creation in their firm.The Dublin Castle discussions will be chaired by President and CEO of the US Chamber of Commerce Tom Donohue and President of BusinessEurope Jürgen Thumann, and will be attended by Minister for Jobs, Enterprise and Innovation Richard Bruton, European Commissioner for Trade Karel De Gucht, the leaders of European business federations and senior European and Irish business figures.Speaking in advance of the meetings IBEC Chief Executive Danny McCoy said that a deal has the potential to “kick-start” a new phase of economic renewal on both sides of the Atlantic.“A deal would constitute the most important bilateral trade initiative ever negotiated and, as a trading nation with strong US ties, Ireland is particularly well-placed to benefit,” he said.A recent survey has projected that EU exports to the US would increase by 28 per cent, or €187 billion, each year as a result of the increased trade from a new EU-US free trade agreement (FTA). An agreement between the two economic blocs would also increase global trade. This would produce an additional 6 per cent growth in exports for the EU, bringing the total benefit to the EU to €220 billion per annum.Read: Huge number of Irish firms not ready for SEPA>Read: IBEC Business Sentiment Survey shows highest levels since 2009>last_img read more