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Market research: everything you wanted to know but were afraid to ask

Posted: Sun Dec 22, 2024 8:43 am
by samiaseo222
Market research involves gathering information about the processes, phenomena and causes of a given sector.
Considering the time horizon, we can distinguish two types of market research: market data analysis and forecasting.
According to , research is divided into quantitative and qualitative.
Regarding the type of data analysis, we also distinguish two types of research: primary and secondary.
Due to its organization, research is code phone number philippines divided into internal and external.
In terms of purpose, we can distinguish different types of analysis. Among the most important are exploratory research, test research and others such as price research.
Market research helps businesses thrive and gives them the opportunity to gain a sort of competitive advantage, predict demand and set their marketing strategies in the best possible way.
The opportunities offered by market research are exploited primarily by existing companies, for which data knowledge about the sector in which they operate is invaluable, and by companies planning to expand into new markets.
Both the duration of each project and the cost of implementation are determined on a case-by-case basis.
More details below.

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I recently had the pleasure of attending a consulting trade show. However, I was surprised by the number of questions I received about the services offered by the consulting firm I work for. Among the answers I was given, it was often said that we conduct market research.

Unfortunately, in most cases this answer did not satisfy my interviewees. This was due to the fact that not everyone knows what market research really is and how it is carried out. Answering these questions required me to give long explanations so that my interlocutors understood what the main activity of our company consisted of.

Therefore, in order for a wider audience to understand what market research is, I have decided to gather the most important information
and present it in an accessible way. At the same time, I wanted to show the benefits of market analysis and explain why this type of research can greatly facilitate a company's decision-making process regarding its future direction.