Introduction to Market Research Techniques
Market research is all about gathering information to help businesses make informed decisions about their products and services. By understanding what customers want and need, companies can tailor their offerings to better meet those demands.
There are many different methods of conducting market research, including surveys, focus groups, and data analysis. Each technique provides valuable insights into consumer behavior and preferences.
Key Points
- Market research helps businesses understand their customers better 🧐
- Surveys, focus groups, and data analysis are common market research techniques 📊
- Knowing what customers want can lead to more successful products and services 🚀
Key Terms
- Demographics - characteristics of a population, such as age, gender, and income level 📈
- Psychographics - psychological attributes of individuals, such as values, beliefs, and interests 🧠
- SWOT analysis - a tool used to identify a company's strengths, weaknesses, opportunities, and threats 🛡️
Example:
Imagine you are starting a small bakery 🧁 and want to know what kind of pastries your customers prefer. You could conduct a survey 📝 asking about their favorite flavors and textures. This market research would help you create a menu that caters to your customers' tastes, leading to more satisfied and loyal patrons!