Market Research
Business: Cambridge International GCSE (2027 Exams), topic 3.2.1
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
- 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
- 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
- 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.
Test yourself on Market Research
Which of the following does market research not gather information on?