Market research is the systematic process of collecting, analyzing, and interpreting information about a market, product, or service.
It is a vital tool for businesses to gain insights into their target audience, understand consumer preferences and behavior, identify market trends, and evaluate the viability of a new product or service.
By conducting market research, businesses can make informed decisions that guide their marketing strategies and overall business operations.
Market research can involve a variety of techniques, including surveys, focus groups, interviews, and observational studies, among others.
Websites / Reports / Tools for Market Data
Here are some excellent resources to collect secondary data.
Top Market Research reports and database (Mintel, MarketLine, etc.) for data
Academic Questions on Market research
Question: Huella Online Travel is struggling to grow in the Hong Kong market despite the country having good internet penetration and a tech-aware population. This is due to low brand awareness as well as the risk-aversion of Hong Kong consumers towards online travel purchases. To confirm previous findings, Huella decided to perform a quantitative study. The company’s goals were to develop a viable marketing strategy to ease Hong Kong consumers’ concerns towards online travel purchases which will help the company increase its market share in the market. This case illustrates the use of both qualitative and quantitative data.
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