Market research

Market research is a branch of marketing. It includes the collection of data on procurement and sales markets and their analysis with the aim of determining the availability or receptiveness of a certain market for a product/product line or service. It is also used for competitor research. Market research supports decision-making processes, e.g. through: early risk detection (early warning function), determination of market opportunities, promotion of innovation or selection of information with regard to company-relevant market data. It provides information for the assessment of marketing situations, for marketing target and marketing strategy planning, for the deployment planning of marketing instruments and for the analysis and forecast of marketing costs. Data on relevant sub-markets and overall markets as well as product and price-related data (packaging, product and price tests, product and price acceptance and product or brand awareness) are analyzed. Other areas of investigation in market research are communication research (advertising research), sales research and consumer research. A recent study (2008; 122 companies surveyed) shows that market research plays only a minor role in many small and medium-sized enterprises (SMEs). The benefits that can be derived from the results are underestimated and the costs are overestimated.

See also: Marketing; Customer management; Product management Reference to QET guidelines: Q09 Customers; Q10 Networks; Q08 Product management; Q11 Branding; Q12 Quality management; T01 Guidelines; T02 CI; T03 Corporate transparency; T04 Pricing

Back to blog