What's the Market Research?
Market research consists of the systematic collection, recording and analysis of data about the problems and queries related to the market of products and services.
In other words, it consists of collecting information and analyzing it. If we want to address any marketing problem, we do not speak of market research but of commercial research.
The commercial research or Market Research allows the company:
- To know the consumer
- Measure the effect of advertising
- To know if the product will be successful
- To know the media
- Sociological and public opinion studies.
Market Research Objective
The conclusions drawn from this process can be, and should be, used by the company in its decision making. It is, therefore, a strategic process. Basing decisions on commercial research does not guarantee 100% success, but it minimizes errors and helps the company to reduce risk.
The information obtained from commercial research fulfills three conditions:
- Reduce uncertainty
- To help in decision making
- To justify its cost
Information gathering techniques
Exploratory studies
These are studies that provide a general overview and seek to bring us closer to a given reality. They are very flexible and not very formal, but they help to outline the general lines of subsequent and more in-depth research.
Descriptive studies
These are studies that allow a more detailed description of situations, events, groups, etc. They are more formal than exploratory studies and are based on hypotheses. They can be divided into:
- Cross-sectional: They offer a picture of the current situation.
- Longitudinal: They offer the evolution of the same variable over time.
Causal studies
Also known as experimental, they look for possible relationships between existing variables.
