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Market Research

Learn why it is so important to hear your customer's voice in market research. Discover the various methods and tools that can be used to uncover considerable knowledge potential in market research. In our business dictionary, we explain definitions, contexts, methods and examples to familiarize you with the subject. Here you will find everything you need to know about market research!

Market Research Goals

Market research is an important tool for companies to know their customers' wants and needs and to stay in touch with them. There are many different objectives of market research, but they all have the same goal: to help companies adapt to their customers' needs by gathering information about their attitudes and behavior. By conducting market research studies, companies can also determine how the market is changing and how customers are reacting to new products and services.

One of the main goals of market research is to identify existing customers in order to provide them with a better customer experience. Companies can collect data on demographic characteristics such as age, gender and income group to find out which groups use their products the most. This way, companies can create specifically tailored campaigns and target new clientele to increase the growth of their business. Market research studies also help companies develop new products or services. With the help of surveys, companies can find out what people like about certain products or what they would like to do differently. In this way, the management of a company can make more informed decisions and develop targeted innovative strategies to increase the company's success in the long term. Market research is also very useful as a tool to determine the company's positioning in the market. It enables company target group segmentation by analyzing consumer behavior and preferences as well as measuring the market shares of competitor company in terms of pricing and distribution. Overall, market research helps company managers to initiate informed decision-making processes with the goal of profit-oriented growth. It is evident that all types of organizational units - from small business owners to large corporations - can reap benefits from using effective market research strategies. With the right tools, companies are not only able to find out what their audience wants and needs, but also make knowledge-based decision and develop and implement business strategies.

Methods of Market Research

Companies need to be constantly aware of their target markets to ensure that their product or service meets customer expectations. Market research methods help companies gather meaningful information about potential customers and expand the reach of their brand. This information can help companies develop advertising campaigns, new product design, and other strategic decision-making processes.

Primary Method of Market Research

The primary methods of market research are a combination of field research and survey techniques. Both techniques allow companies to get direct responses from consumers to find out what they want and what their expectations are of the brand.
Examples of primary methods of market research are:

  • Face-to-Face-Interviews: The traditional type of interview in which interviewers ask consumers questions.
  • Telephone Interviews: A convenient option for interviewers to ask consumers questions.
  • Online Surveys: An efficient way to reach a large number of consumers at once.
  • Focus Group Discussions: An informal dialogue between a group of consumers and a facilitator in which ideas and opinions are exchanged.
  • Observational research: A method in which data collection is conducted through observation of proposed situation or environment.
  • Field Studies: An approach to collect qualitative data on actual consumer behaviors in their natural environment.

Secondary Method of Market Research

In addition to primary methods, there are also secondary methods of market research. Secondary research is more descriptive than exploratory research - it focuses more on evaluating existing data collection than collecting it. Examples of secondary research methods include:

  • Desk Research: Desk research is the survey of existing data collections from print and online resources and internal corporate knowledge repositories.
  • Short-Term Forecasting: Short-term forecasts are based on short-term trends that can be used to predict the effects of certain actions in the near future (e.g., price changes).
  • Data Mining: Data mining is a technique used to identify which factors may have effects on potential customer groups; usually based on secondary data collections as well as external sources such as social media or web traffic trends.

Evaluation and Interpretation of Market Research Data

It is important that companies carefully evaluate and interpret their market research data. This data provides useful insights into customers' thoughts and attitudes about a product or service. By interpreting this data, companies can find out what people think about their brand and how they feel about the brand. Market research data can be interpreted in a number of ways, depending on the results you want to achieve.

One popular method is qualitative market research. Here, customer interviews, online surveys or group discussions are conducted to gain deeper insights into customers' thought processes. The results of this type of research can then be used to create profiles to see what characteristics a particular consumer segment has and what motivations guide them. Another way of evaluating market research data is to use quantitative methods. Here, a representative sample is drawn and surveyed to determine general trends and preferences. The results are then analyzed to give decision-makers a better overview of consumer behavior and to make recommendations.

Finally, any type of market research data analysis can be improved with computer simulation techniques. These techniques help companies identify new markets or better understand existing markets. In addition, companies can also use these techniques to support better decision making, allowing them to identify and predict potential problems early on. Evaluating and interpreting market research data is a key aspect of any marketing strategy. With the right methods, a company can improve its customer experience and thereby gain a competitive advantage.

Application areas of Market Research

Digitization has revolutionized market research in recent years. The use of digital tools and technologies has spawned a variety of new application areas that companies and organizations can benefit from today. Market researchers can collect and use data from a variety of sources, such as online surveys, social media and mobile apps, to gain an in-depth understanding of target markets. Using these methods allows companies to get faster results with greater accuracy. Using online surveys, a company can quickly collect and analyze a large data set. The analysis of existing customer data is also simplified by digitization, as tools are available to evaluate customer data more quickly. This approach saves time and costs when conducting market research studies. Another benefit of digitizing market research is the ability to measure customer satisfaction directly after purchase or after receiving a product or service. Using social media analytics tools, companies can easily collect and process feedback from customers to further develop their products or services. The use of digital market research also makes it possible to support better decision-making processes.


What qualitative methods are available?

Qualitative market research is a particularly effective method for better understanding people's opinions about a particular topic or product. This can help create better products and services and meet the needs of customers. There are several qualitative methods that can be used in market research. Some of the more commonly used methods are

  • Focus Groups: These are group discussions with a group of people discussing the same product or topic. Focus groups can be used to gain deep insights into the thought processes of the target group.
  • Individual Interviews: This method involves interviews with one person. It is also possible to interview more than one person at a time. With individual interviews, more detailed information can be obtained than with a group of people in focus group discussions.
  • Observational Studies: Observational studies involve observing consumer behaviors in various situations. These studies help to gain important insights into the way people use certain products.
  • Online Surveys: Online surveys can be used to reach many people and gather feedback. It is an efficient way to get many responses in a relatively short time and thus gain insights about your target group.

By using these qualitative methods, companies can make informed decisions and improve their customer experience through better products or service, based on the results of market research. Qualitative data collection method offers companies the opportunity to gain deep insights into the customer experience and thus gain a competitive advantage.

What is Market Research?

Market research is an important discipline for entrepreneurs, providing them with the critical information they need to be successful. Market research helps businesses better market their product or services and increase customer satisfaction. Good market research provides useful data that helps the business get on the right track. Data collection is one of the most important aspects of market research. There are many methods of data collection, ranging from qualitative research methods to quantitative research methods. Research from primary and secondary sources can help provide deep insights into customer behavior. These insights can be helpful in developing marketing strategies and decision-making. In addition, market research can help in understanding consumer behavior. By using consumer surveys and other methods, one can find out more about consumer behavior and thus find better ways to make decisions. Therefore, it is important for entrepreneurs to use qualitative and quantitative methods to find out more about their target audience before launching a marketing campaign or developing new products or service. Another advantage of market research is that it enables the company to compare similar products or service in competition with other suppliers and thus gain a competitive advantage. With the information from the market research process, entrepreneurs can optimize their offer and plan effective strategies. Thus, the process of market research can be considered as an investment, as it will ultimately improve the company's position in the market. All in all, it is important for any company to regularly conduct market research in order to gather relevant information about customer demand or competitive situation. With the right tools and techniques, any company can achieve its goals - whether it's targeting new customer segments or introducing new products - to ultimately succeed in the marketplace.

What is the difference between qualitative and quantitative?

Market research is an important part of a company's success. There are two methods that companies can use to achieve their goals: qualitative and quantitative. Both research methods have their own specific characteristics and uses. Qualitative market research involves the use of technical tools such as interviews, surveys and group discussions to obtain information about the thoughts, opinions and attitudes of the target audience. This type of research allows the company to delve deeper into the thinking of the people who consume its products or services. Qualitative methods can be used to gather detailed information about customer attitudes in order to create better decision-making bases for business strategies. Quantitative market research uses mathematical models and statistical methods to obtain numbers as results. Data collection is based on surveys, tests and other measurement methods. This method is helpful in evaluating trends on a large scale, as well as comparing characteristics between different grouping configurations with predefined scalability. Quantitative research is also helpful for measuring the success of specific marketing campaigns in terms of sales and market share. It is important to note that qualitative and quantitative research complement each other and do not replace each other. Both methodologies have their place in market research; therefore, it is advisable to use a combination of both approaches to achieve the best result for the company. In addition, companies should compare the results of qualitative and quantitative research, as well as carefully consider all options before they have spent their budget on a particular method. In this way, companies can ensure that they get the best possible solution to their problem while minimizing their risk.

What are the tasks of Market Research?

Market research is an indispensable part of companies' strategy. It enables them to gather relevant information about potential and existing customers, which must be taken into account when developing products and services. In addition, it can also help create competitive advantages in the market. But what are the tasks of market research? One of the main tasks of market research is to identify new markets and customer segments. This includes collecting data on demographic characteristics, preferences and buying habits, as well as analyzing trends in different industries and regions. It is equally important to understand the behavior of the competition. Market research can help to gain a deep understanding of both the market and the competition, improving the company's ability to differentiate itself from other suppliers. In addition, market research can also help drive product innovation. By collecting and analyzing relevant data about their customer segments, companies can gain insights to develop new product ideas or adapt and develop existing products. In this way, companies can ensure that their products meet the needs of their target group and thus create new sales opportunities. Another important element of market research is measuring the success of a product or brand. This includes surveying potential and existing customers about their buying experience, as well as collecting data about the company's sales and other key figures such as cost-saving potential, etc.. In this way, companies are able to understand their overall business and better understand success measurement dynamics, as well as better estimate the extent to which certain measures will have a positive impact on overall sales. Overall, then, the role of market research extends far beyond the collection of basic data to encompass multiple aspects of business operations - from identifying new markets to measuring the success of a product or brand. It thus represents an indispensable component of any corporate strategy - especially with regard to innovation and competitive advantages on the market.

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