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 peterborough

Peterborough is a cathedral city and unitary authority area in the East of England, in the county of Cambridgeshire, lying just 75 miles (121 km) north of London at Charing Cross.

The city is situated on the River Nene, which flows into the North Sea approximately 30 miles (48 km) to the north-east. The local topography is notoriously flat and low-lying, and in some places lies below sea level. The area known as the Fens falls to the east of Peterborough.

The population grew rapidly following the arrival of the railways in the nineteenth century, and Peterborough became an industrial centre, particularly noted for its brick manufacture. Following the Second World War, growth was limited until designation as a New Town in the 1960s. The population is once again undergoing rapid expansion and a £1 billion regeneration of the city centre and immediately surrounding area is underway. In common with much of the United Kingdom, industrial employment has fallen, with new jobs tending to be in financial services and distribution. New service-sector companies like Thomas Cook and Pearl Assurance were also attracted to the city, ending the dominance of the manufacturing industry as employers.

Peterborough is a major stop on the East Coast Main Line, 45–50 minutes journey time from central London, with high-speed intercity services from King's Cross to Edinburgh Waverley. It is a major railway junction where a number of cross-country routes converge. The A1/A1(M) broadly follows the path of the historic Great North Road from St. Paul's Cathedral at the heart of London, through Peterborough, continuing north a further 335 miles (539 km) to central Edinburgh.

The city is currently without a university, since Loughborough University closed its Peterborough campus in 2003. In 2006 however, Peterborough Regional College was in talks with Anglia Ruskin University to develop a new university campus for the city. The college and the university have now officially completed the legal contracts for the creation of a new joint venture company. The formation marks the culmination of legal negotiations and securing of funds required in order to build the new higher education centre.