Market Basics
This method involves asking a set of questions to gather information directly from customers.
Survey
What are general directions in which a market is moving, reflecting changes in consumer preferences
Market/industry trends
A business that offers different products or services that can fulfill the same customer need.
Indirect Competitor
A small group discussion led by a moderator to gather feedback on a product or service is known as this.
Focus group
This type of research focuses on understanding feelings, opinions, and motivations rather than numbers.
Qualitative research
This type of analysis helps a company understand its strengths and weaknesses compared to other businesses in the same industry.
Competitive analysis
This analysis helps a business identify its main competitors and understand their strategies.
Competitor analysis
Market research helps businesses identify this by analyzing consumer demographics, behavior, and preferences.
Target market
Market research can do this by identifying distinct groups with similar needs or characteristics within a broader market.
Market Segmentation
What is the defined group of individuals a company tailors its messages and products towards?
Audience
These are two ways to conduct market research, with one example being online surveys and the other being focus groups.
Surveys and Focus groups
A business that offers the same or very similar products or services to the same target market.
Direct competitor
This term refers to characteristics such as age, gender, and income that define groups of consumers.
Demographics
How many people are in the focus group
6-12
A bakery or an energy drink company that provides an alternative source of caffeine.
Indirect Competition