Market research: What is it and how is it applied in the business world?

In the business world, market research is essential, and to carry it out, it is necessary to have a partial and accurate perspective. This can be done through the company's marketing department, agencies, or consultancies specialising in this tool.

If you are interested in the field of marketing and want to pursue a career in it, through the master's in marketing in Madrid you can specialise in this area, developing skills and acquiring knowledge to apply in the business world.

Market research: What does it involve?

Market research is a scientific tool used to collect, analyse and interpret data related to a company in order to improve decision-making regarding its strategy.

This type of research is usually carried out based on three objectives:

• Administrative objectives: it helps the company to develop its activity through good organisation and control of its resources.
• Economic objectives: in monetary terms, it is essential to know the success or failure of the strategies carried out by the company when it launches a product or service on the market.
• Social objectives: studies the needs of the target audience thanks to the information obtained from each of them in this type of research, thus helping to improve and satisfy the customer at the time of purchase and in future purchases.

Types of market research

Below are the different types of market research that exist, each with its own objective.

1. Descriptive research: investigates the characteristics of the population, i.e. the area and demographic profile.
2. Causal research: studies the relationship between the effects and causes of the different variables in the research.
3. Applied research: responsible for investigating and detecting faults and errors in a product or strategy.
4. Specific research: evaluates a specific social group on the consumption of a specific product or service at a specific time.
5. Experimental research: carried out when you want to study consumer reactions to a product or service.
6. Motivational research: seeks to identify the ‘why’ behind the purchase of a product or service, i.e., what is the satisfying element that leads to the purchase.
7. Interview research: face-to-face interaction with the consumer to learn about their reactions and establish a close and personal relationship.
8. Buyer persona research: studies what commercial audiences do according to their buyer profile.
9. Observation-based research: investigates and studies how a company's audience interacts with the brand, products/services or website.
10. Usage research: investigates how and why a specific audience chooses a product, as well as how they use it.
11. Campaign research: studies the results of a previous marketing plan to assess the viability of a future campaign.
12. Brand research: communicate with customers to find out how they perceive the brand and its products.
13. Satisfaction research: analyse consumer satisfaction with a product or service and their loyalty to the brand.
14. Competitor research: analyse the sector and its competitors historically to find out what needs to be done in the industry.
15. Price research: analyses the prices of similar products or services within the market to create competitive offers in relation to the potential customer's economy.

Difference between market research and market study

Market research is the process of gathering information, classifying it, analysing it and using it in business decision-making in relation to the business and marketing area. Once completed, detailed documents are created on the competition, sales, the market and the social and economic context.

Market research is part of market study, i.e. it forms part of it. It focuses on answering specific questions, which is why there are so many types of market research.

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