Market Research

• What is market research?

  Process of collecting and reasoning
• What are the key areas market research gathers information on?

  • Demand
  • Competition
  • Target market
  • Qualitative and quantitative research
• Why is market research into customers' demands important?

  It is crucial for business success
• How can insights into customer needs help a business?

  Improve products and spot market opportunities
• What can insights into overall demand trends help a firm do?

  Spot opportunities for growth and threats
• What does market research into competitors help a business understand?

  Major threats in the market
• Why is quantitative research considered easy to record?

  It collects information that can be quantified
• How would market research benefit established fashion labels like H&M?

  Identify threats from online platforms
• What insights does market research into a business' target market provide?

  Customers' wants and needs over time
• What are the differences between qualitative and quantitative research?

  • Qualitative Research:
  • Collects opinions and views
  • Not easily quantifiable
  • Quantitative Research:
  • Collects factual information
  • Easily quantifiable and recorded
• What does qualitative research generally collect?

  Information about opinions and views
• What type of information does quantitative research collect?

  Factual information that can be quantified