The systematic collection and analysis of information about customers, competitors, demand, and market conditions.
A foundation for making better decisions about audience, positioning, products, and opportunities.
Short and sweet:
The systematic collection and analysis of information about customers, competitors, demand, and market conditions.
A foundation for making better decisions about audience, positioning, products, and opportunities.
See also: Customer Research, Competitive Analysis, Target Market
Market research is the systematic study of a broader industry, its competitors, and overall market conditions, distinct from customer research in that it looks outward at the competitive landscape rather than inward at individual buyer needs. It typically combines analysis of competitor positioning, pricing, and market size with trend data to inform decisions like entering a new market or launching a new product line. Skipping this step tends to leave a business relying on assumptions about market size or competitive intensity that may be significantly off from what published data or direct research would reveal.
Before launching a new soda flavor, Coca-Cola conducts extensive market research, running taste tests and surveys across different regions to gauge whether a flavor will actually sell.
A startup considering entry into the meal-kit space might commission a similar study analyzing competitors like HelloFresh and Blue Apron, along with survey data on pricing sensitivity.
Automakers routinely rely on research clinics like this, showing focus groups a new vehicle design months before production to catch any features that might turn buyers away.
