Market research is an essential tool for businesses to understand their markets, identify opportunities, and make informed decisions. Market research can generally be classified into certain major types that serve different purposes and provide insights into various aspects of a market. The main types of market research include Quantitative Research, Qualitative Research, Behavioral Research, Attitudinal…
Market research is a means for businesses to understand their audience, evaluate market opportunities, and drive data-driven business decisions. These costs can be very cheap or quite expensive when approaching the type of research, extent of the work, and methodologies involved. This article discusses the major factors that determine market research costs and intends to…
A public opinion poll is a kind of research method in which there is a systematic gathering of views, beliefs, attitudes, and preferences regarding certain issues or topics of interest from a representative sample. Such surveys gauge how the general public perceives and responds to various social, political, economic, or cultural issues. We shall now…
If you run a company, you might already know that employee morale, clear lines of communication, and meaningful behavioral changes are crucial for continued improvement and increased work efficiency. Without an effective way of measuring how employees feel and act in the workplace, it is difficult to enact positive changes that will lead to long-term…
In a hyper-competitive free market, a strategic marketing plan is indispensable for business success. Knowing the ideal target audience members and how to reach them should be the goal of any competitive business. Without accurate and insightful data on target demographics, marketing plans are doomed to fail. This is why businesses should enlist the skills…
Survey data collection is the process of gathering information from a sample of individuals in order to make generalizations about a population, or a specific group of people – such as your target market. This information can be used to benefit businesses by helping them make better decisions based on empirical evidence. The different types…
Focus group testing has been a mainstay of market research since companies began taking a methodical approach to understand their customers and audience base. Social scientists traced focus group methodology to as early as 1926, when sociologist Emory S. Bogardus conducted group interviews for his research. The methodology achieved wider popularity in the 1940s when…
As a business owner, you know that making data-driven decisions is essential to the success of your company. But in order to do so, you first need to understand your target market. This is where market research comes in. Market research is the process of gathering information about consumers and the marketplace. This can include…