1. What is market research? How can a company benefit from it?
The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization is marketing research. Marketing research is an input for making better and informed decisions.
2. What are the various steps involved in market research?
The steps involved in the market research process include: defining the problem and research objectives; developing the research plan; implementing the research plan and interpreting and reporting the findings.
3. What tools do you use for market research?
Tools of market research include commercial data sources, online databases and Internet data sources, observational research, survey research, experimental research, focus group interviewing, and in-depth interviewing.
4. What do you know about market intelligence?
Marketing intelligence is the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. A marketing intelligence system gathers, analyzes and distributes information about the company’s competitive technological, customer, economic, social, political and regulatory environments. Its goal is to improve strategic decision-making, assess and track competitors’ actions and provide early warning of opportunities and threats.
5. Differentiate between primary and secondary data?
Primary data is the information collected for the specific purpose at hand whereas, Secondary data is the information that already exists somewhere, having been collected for another purpose.
The primary data is comparatively more reliable as the information collected for the problem at hand is relevant, accurate, and sufficient.
6. What are the ingredients of secondary research?
Secondary data consist of information that already exists somewhere, having been collected for another purpose. Secondary research is a good starting point and often helps to define problems and research objectives. In most cases, the company must also collect primary data.