Understanding Market Research: Key Insights and Applications

Libyan International Medical University Faculty of Business Administration The Main Types of Market Research Name: Ali Khalid Shwehdi Course: Principles of Marketing Date: 10/5/2022 ID: 3308 Email: Ali_3308@limu.edu.ly

Table of Contents 4.How Companies use Market Information 1.Introduction 2.Market Research 5.Conclusion 6.References 3. Main Types of Market Research 2

1.Introduction Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business. Consumer demands impact and direct all aspects of your company's activities and can determine the success or failure of your business. 3

2. Market Research What is Market Research? Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third- party company that specializes in market research. It can be done through surveys, product testing, and focus groups. 4

3.Main Ttpes of Market Research Quantitative Research Secondary Research Primary Research Qualitative Research Which uses sata and statistics,such wabsite views,social mesia engagement,and subscribers. Which gives insights into how customers feel and think. Which articles,white papers, infographics. includes Which includes focus groups,polls surveys. as and and 5

4.How Companies use Market Information Companies use information, who is making products that compete with your offerigs,how do these features compare to yours,how are products packaged and offered to customers. market information to know product And you need to know which companies in your competitive market sell the most products to your target market,and how much do they sell,and which organization are considered the market leadre. 6

5.Conclusion Market research is the process that you do to better understand the demand for your product. You should know who your competition is, what products they sell and what their prices are . After doing your research , you should have a better idea of what your target audience is interested in , where they shop , how they consume goods and what their preferences are. 7

6.References "Market Research END-TO-END Benefits". September 6, 2014. Because Market Research is a subset of Marketing Research, it is easy to see why the two terms are often confused US Census data is both for Market research and for Marketing research: "NAPCS Product List for NAICS 54191: Marketing Research" (PDF). data collection services for marketing research and public opinion surveys, by methods other than ... data collection services provided as part of a market research services package that includes Bradley, Nigel Marketing Research. Tools and Techniques.Oxford University Press, Oxford, 2007 Berghoff, Hartmut, Philip Scranton, and Uwe Spiekermann, eds., The Rise of Marketing and Market Research (New York: Palgrave Macmillan, 2012), 8