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.

For more information on market research, please click the link below:

define market research leeds

Leeds is a major British city and the second city of Yorkshire. It is the urban core and administrative centre of the wider metropolitan borough of the City of Leeds.

During the Industrial Revolution, Leeds developed into a major industrial centre for the production and trade of wool, before emerging in the 20th century as a centre for commerce and higher education, being the location of the University of Leeds, Leeds Metropolitan University and Leeds Trinity and All Saints. Today the city is one of the largest financial and legal centres outside London.

Situated close to the UK's geographical centre, it benefits from good transport connections with the M1 running from Leeds to London, the M62 connecting Leeds with Manchester and the seaport cities of Hull and Liverpool, and the A1(M) for linking to the north. Leeds Bradford International Airport is one of the fastest growing regional UK airports, with over 450 weekly flights connecting the city to over 50 major European business and holiday destinations.

Leeds has an extensive and diverse range of shops and department stores, and has been described by the Lonely Planet guides as the 'Knightsbridge of the North'. The diverse range of shopping facilities, from individual one-off boutiques to large department stores, which notably include Harvey Nichols and Louis Vuitton outlets, has greatly expanded the Leeds retail base. The Victoria Quarter, several existing arcades connected together by roofing the entirety of Queen Victoria Street with stained glass, is located off Briggate, Leeds' main shopping street.

Leeds has a very large student population, resulting in a large number of pubs, bars, nightclubs and restaurants, as well as a multitude of venues for live music such as The Cockpit, New Roscoe, Joseph's Well, The Brudenell Social Club, The Faversham and The Wardrobe, which combine to generate a vibrant and nationally renowned nightlife.

Leeds has two universities, the University of Leeds, with around 31,500 full-time students (and a further 52,000 on short courses), and Leeds Metropolitan University with around 26,000 students.