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 leicester
Leicester lies on the River Soar and at the edge of the English
National Forest.
The city is close to the M1 motorway, and is on the Midland Main
Line from London St Pancras International to Sheffield, Nottingham
and Leeds.
Major industries in Leicester today include food processing,
hosiery, knitwear, engineering, electronics, printing and plastics.
Engineering is an important part of the economy of Leicester.
Companies include Jones & Shipman (machine tools and control systems),
Richards Engineering (foundry equipment), Transmon Engineering
(materials handling equipment) and Trelleborg (suspension components
for rail, marine, and industrial applications).
Equally well known is the Walkers Crisp brand which currently
makes 10 million bags of crisps per day at two factories at Beaumont
Leys. It is the UK's largest grocery brand.
Leicester is home to two universities, the University of Leicester,
and the De Montfort University.
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