Define Market Research

When trying to define market research, it's easy to use a wide definition that encompasses all aspects of the subject.

Market research is the systematic collection and analysis of data about a target market, competition or environment.

It's a logical process that must be robust and unbiased to produce perfect results.

Often, market research is done on an adhoc basis with low sample sizes. This reduces the effectiveness of the research and can discredit the overall results.

Those that are new to the subject are best to find a market research company to help them. These companies are used to the process of market research and will help you to avoid the pitfalls.

If the market research results are being used to make strategic business decisions, it is essential that the research has been undertaken to the highest standard and with a statistically valid sample size.

Market research can be broken down into two areas:

Qualitative Market Research

This is the process of researching using open ended questions, one to one discussions, focus groups or telephone interviews.

There are no fixed answers and the direction of the research generally follows the path of the answers with some steering from the interviewer.

For example, a question might be:

What are your views on public transport?

This could lead on to discussions about trains, buses, taxis etc.

This type of research can produce good results and undercover issues not originally thought of.

Quantitative Market Research

This type of research is numerically orientated and requires careful analysis.

It uses a fixed set of criteria for the reseach so that the resulting answers are in a common format.

For example, a question might be:

How did you travel to work today?

With the answers:

Car
Bus
Bike
Train
Cycle
Other

By knowing how many people answered, percentages can be applied and further statistically analysis undertaken including year on year comparisons and pivot tables.

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define market research birmingham

Birmingham is the second largest city in the United Kingdom and includes several neighbouring towns such as Solihull, Wolverhampton and the towns of the Black Country. The city’s reputation was forged as a powerhouse of the Industrial Revolution and led to Birmingham being known as the "workshop of the world".

Despite the decline of manufacturing in the city since Victorian times several significant industrial plants remain, including Jaguar Cars in Castle Bromwich, MG Rover (SAIC) at Longbridge and Cadburys Trebor Bassett in Bournville.

Although Birmingham’s industrial reputation has declined it has developed into a national commercial centre. Two of Britain’s big four banks, Lloyds in 1765 and the Midland Bank (now HSBC) in 1836 were founded in Birmingham.

Birmingham is a major transport hub on the motorway, rail, and canal networks. The city is served by a number of major motorways and probably the best known motorway junction in the UK: Spaghetti Junction. The city's main railway station, Birmingham New Street, is at the centre of the national railway network.

Birmingham International Airport is located in the Borough of Solihull, which together with its excellent road and rail links makes Birmingham ideally situated in the heart of the country and has contributed to the International Convention Centre and the National Exhibition Centre accounting for the majority of the UK conference and exhibition trade.

Major canal side development at Brindleyplace which includes the National Indoor Arena and the National Sea Life Centre has regenerated the heart of the city, whilst major development of the Bullring Shopping Centre has made it the country’s busiest shopping centre.

Birmingham is home to three universities and two university colleges: the University of Birmingham, Aston University, Birmingham City University, Newman University College and University College Birmingham. The Birmingham Conservatoire and Birmingham School of Acting, both now part of Birmingham City University, offer higher education in specific arts subjects.