2.1.6
Market Research
Market Research
Market Research
Market research is the process of collecting and processing information about the market that a business operates in. Market research gathers information on:


Demand
Demand
- Market research into customers’ demands is important for business success.
- Insights into customers’ wants and needs can help a business to improve the product, spot market opportunities and stay competitive.
- Insights into overall demand trends can help the firm spot opportunities for growth and potential threats from new products/technology.


Competition
Competition
- Market research into competitors can help a business understand the major threats in the market and then prepare the business to deal with these threats.
- Market research for established fashion labels like H&M would identify the threats that come from online platforms like ASOS or Boohoo.


Target market
Target market
- Market research into a business’ target market will give the company insights into their customers’ wants and needs and how they are changing over time.
Qualitative and Quantitative Research
Qualitative and Quantitative Research
Businesses can benefit from both qualitative and quantitative research.


Qualitative research
Qualitative research
- Qualitative research generally collects information about opinions and views rather than things that can be quantified.
- For example, research into whether customers think the customer service at Waitrose is good is qualitative research.


Quantitative research
Quantitative research
- Quantitative research collects factual information on things that can be quantified and recorded easily.
- For example, research into the number of cans of Coca Cola sold in the UK last year is quantitative research.
1Exploring Business
1.1Features of Business Organisations
1.2Organisation of Businesses
1.3Business Environment
1.3.1External Influences
1.3.2Political & Legal Change
1.3.3Economic Environment
1.3.4Social & Technological Environment
1.3.5Lifestyle & Technological Environment
1.3.6Corporate Social Responsibility
1.3.7The Competitive Environment
1.3.8Innovation
1.3.9Risk & Uncertainty
1.3.10Porter's Five Forces
1.3.11SWOT Analysis
2Marketing Campaigns
2.1Marketing
3Business Finance
3.1Sources of Finance
3.2Financial Planning
3.3Financial Statements
4International Business
4.1Globalisation
4.2International Business
4.3International Economic Environment
4.4Factors Affecting International Business
5Principles of Management
5.1Management & Leadership
5.2Theories of Motivation
6Business Decision Making
6.1Business Principles & Practices
6.2Quality Management
6.3Human Resources
6.4Documents & Business Decisions
Jump to other topics
1Exploring Business
1.1Features of Business Organisations
1.2Organisation of Businesses
1.3Business Environment
1.3.1External Influences
1.3.2Political & Legal Change
1.3.3Economic Environment
1.3.4Social & Technological Environment
1.3.5Lifestyle & Technological Environment
1.3.6Corporate Social Responsibility
1.3.7The Competitive Environment
1.3.8Innovation
1.3.9Risk & Uncertainty
1.3.10Porter's Five Forces
1.3.11SWOT Analysis
2Marketing Campaigns
2.1Marketing
3Business Finance
3.1Sources of Finance
3.2Financial Planning
3.3Financial Statements
4International Business
4.1Globalisation
4.2International Business
4.3International Economic Environment
4.4Factors Affecting International Business
5Principles of Management
5.1Management & Leadership
5.2Theories of Motivation
6Business Decision Making
6.1Business Principles & Practices
6.2Quality Management
6.3Human Resources
6.4Documents & Business Decisions
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