What is meant by market research?

Companies increasingly have tools and techniques to understand what their customers want and to analyse industry trends. Market research, which we explain in this post, helps to obtain information to develop new products or marketing strategies.

Universidad Europea offers several programmes in the area of marketing, such as degree in Marketing in Madrid or the degree in Marketing in Valencia, that will allow you to gain the skills and knowledge to enjoy a successful career leading marketing teams, develop new products, and innovate in whatever sector you choose.

What is market research?

A market study is a research study conducted for the purpose of analysing the commercial and economic viability of an idea, project, or product. In business, this practice provides vital information about the target audience, competitive challenges, and trends that may influence the marketing of the product.

Main objectives of a market research study

When conducting market research, you expect to obtain relevant information regarding:

• The target audience and their needs.
• The most competitive prices.
• The profitability of the sector.
• The most appropriate marketing strategies and campaigns.
• The weaknesses and strengths of the product.

Types of market research

Within business, there are three main types of market research. These serve as pillars for understanding and analysing consumer behaviour, market trends and business opportunities.

• Exploratory research: used to gather initial data before conducting more detailed research. Secondary sources such as trade journals, published documents or consultations with professional experts are used.
• Descriptive study: analyses the current market situation based on economic and business indicators.
• Casual study: seeks to establish cause and effect connections in the phenomena observed in the market. To do so, it focuses especially on exploring the relationships between sales and the possible objective causes behind them.

How to do effective market research: key steps

In order to conduct effective market research, you need to divide the process into five phases and find answers to strategic questions.

• Defining the research objective: what is the company's objective?
• Developing the research plan: what strategy should be adopted to achieve that objective?
• Gathering information: what data should be analysed?
• Analysis of the collected data: how are the collected results interpreted?
• Presentation of the results of the study: which marketing strategy is the most appropriate for the identified trends?

Market research tools and techniques

Among the tools and techniques available to gather relevant information about the market, we can mention:

• Focus groups: these bring together groups of between six and thirty people. They consist of dynamics where discussion is encouraged in order to find out the opinions of the participants.
• In-depth interviews: this approach allows for an in-depth exploration of the opinions and experiences of participants through detailed questionnaires that provide a more complete understanding of the topic under study.
• Online surveys or polls: this is a very popular option today. New technological tools make it easy to conduct online polls and to analyse the results quickly and accurately.
• Telephone surveys: these are most commonly used to gather the opinions of more traditional audiences without access to online options.
• Observational studies: involve observing customer interactions with the product to identify possible improvements or changes.
• Competitor analysis: assessing a company's performance in comparison to others. This method identifies strengths and weaknesses in relation to similar products in order to seek competitive advantages.

Why is it important to have a good academic background?

To carry out professional and effective market research, it is necessary to have a solid academic background in marketing and advertising.

Programmes such as the master in Marketing or the degree in Business and Marketing at Universidad Europea teach you how to analyse the market, identify customer segments and design effective marketing and advertising strategies.

These courses offer many significant advantages, such as:

• Practical and up-to-date training given by professionals in the sector.
• Quick job placement as it is an eminently technical training.
• Wide range of roles within advertising agencies, marketing departments or companies, or even in the world of digital entrepreneurship.

In short, market research is essential to understand the business environment. A solid marketing and advertising education provides the necessary skills to stand out and take advantage of opportunities in the job market.