Blog Insights & Trends

Blog
DIGITAL MARKETING (HTTPS://EMERITUS.ORG/IN/LEARN/CATEGORY/DIGITAL-MARKETING/)

What is Market Research? Definition

Career Accelerator
and Types
Insights & Trends
(https://emeritus.org/in/)
January 1, 2023
Tutorials Share link

Career Accelerator

Acing Interviews News

Tutorials
Sign In

Acing Interviews

News Sign In

Looking to upskill? Talk to us. 

Market research is a systematic process of obtaining, analysing, and interpreting data

for actionable decision-making. Conducting good market research is the only way to
survive in a competitive market. It provides companies with an overview of emerging
market trends, consumer behaviour, and market condition.

In this article, you’ll learn:

:
 (https://online-er.isb.edu/digital-marketing-and-analytics/index.php?
utm_source=blog&utm_medium=banner_cta&utm_campaign=organic_blog_banner_

What is market research?

Why is market research important?

What are the popular types of market research?

What is a market research process?

What are the methods of market research?

What is market research?

Market research is the process of collecting vital information about a company’s target
audience, market, and competition.
Through market research, companies can understand their target audience better.
They can make better products, improve user experience, and design a marketing
strategy that attracts quality leads.

Here are some reasons for conducting market research:

Determine the feasibility of a new business or product

Identify potential new markets

Keep an eye on marketing trends

Test the demand for new products

Key takeaways:

Market research determines if there is demand for the product or service you are
offering

A combination of primary and secondary sources is used to conduct market

research

Digital marketers mostly conduct market research. However, sometimes third-party

firms also provide support and assistance required to complete market research
:
 Why is market research important?

1. Provides a direction
Data derived from market research helps brands understand what the consumers
want, what will work in the market, and how competitors reinvent themselves to stay
relevant.
This information helps companies to prioritise customers’ requirements. It (data
collected from market research) also directs businesses to focus on customers’ short-
term and long-term needs, leading to improved customer satisfaction.

2. Enhances brand image and position in the market

Audiences tend to develop a special bond with companies that provide them with a
positive buying experience and consistent excitement by providing products or services
that match their preferences.
With market research, companies can determine the likes and dislikes of their target
customers and provide a product that matches their requirements. This can help in
increasing customer loyalty and satisfaction, leading to a positive brand image and
position in the market.

3. Mitigates risk
Market research provides information about emerging market trends, competitors’
strategies, and evolving customer requirements, preparing companies to adjust to
market changes. Companies can make long-term market predictions based on the
data collected, which helps them mitigate operational risks.

4. Increases decision-making abilities

Data about customers, their requirements, and their expectations can be identified
through market research. This data drives leaders to make data-driven decisions. It
helps in finding answers to questions like-

What product will work?

Which type of digital marketing (https://emeritus.org/in/learn/what-are-different-

types-of-digital-marketing/) strategy will suit the product?

How to sell the product better?

Which market will be suitable for the product?

:
 Who will be the target audience for the product?

What are the different types of market research?

Primary research
Primary research is referred to as the process of directly collecting information about
customers, markets, and competitors.

Secondary research

Secondary research uses previously collected, analysed, and published data to draw
conclusions or make observations about a situation.
Most information that is freely available is used to solve the research problem.

Quantitative research
Quantitative research is the collection of primary and secondary data that is numerical
in nature. It can be measured easily.
Polls, surveys, desk research, web statistics, and financial records are common ways of
collecting quantitative data.

Qualitative research

Qualitative research is the collection of data that is non-numerical and hard to

measure. Researchers use qualitative research data to add more value and depth to the
data. This market research is used to summarise and infer rather than pinpoint.
These are the common types of market research. Meanwhile, companies occasionally
use branding, customer, competitor, and product research.

What is a market research process?

A market research process collects insights from the target audience about a product
or service. It is a step-by-step process that determines customer perception of your
product. Below, we closely look at the steps of the market research process.

Step 1: Define the problem

Step 2: Develop a market research plan

Step 3: Data collection

:
 Step 4: Analyse the collected data

Step 5: Present the data

Step 6: Take action

What are the different methods of market research?

There are two methods of market research- primary market research and secondary
market research. Below, we have mentioned in detail these types of market research.

Primary market research

Primary market research is conducted in-house by the company’s executives. It is the
process where companies get in touch with the customers directly to determine their
needs and wants.

Here is some of the primary market research method:

Focus group

Interviews

Observation-based research

Buyer persona research

Market segmentation research

Secondary market research

Secondary market research

This research is conducted by third-party. It can also include data available for free on
different platforms, outsourcing research, and more.

Here are secondary market research methods:

Company websites

Industry Statistics

White papers

Government agency data

:
 Conclusion

Market research is necessary for survival in a competitive marketplace. With

technological advancements, marketers must have deep knowledge and
understanding of emerging digital tools (https://emeritus.org/in/learn/what-is-
digital-marketing/) and their effects on consumers’ buying patterns.

Emeritus India (https://emeritus.org/in/)’s digital marketing certificate courses

(https://emeritus.org/in/programmes/digital-marketing-courses/) will equip you with
advanced skills and knowledge to identify changing consumer behaviour and market
condition.

Our programmes are offered in partnership with reputed institutes like IIM, IIT, and ISB.

Other Categories

Cybersecurity

Sales & Marketing

Product Management

Digital Marketing

Leadership

Data Science

Finance

Information Technology

Project Management

Upskilling

Business Management

Human Resource Management

Digital Transformation
:
 Data Analytics

Business Analytics

Artificial Intelligence and Machine Learning

Design Thinking

Digital

Tags

Emeritus courses (https://emeritus.org/in/learn/tag/emeritus-courses/)

Emeritus India (https://emeritus.org/in/learn/tag/emeritus-india/)

Emeritus (https://emeritus.org/in/learn/tag/emeritus/)

Marketing for Businesses (https://emeritus.org/in/learn/tag/marketing-for-

businesses/)

Insights & Trends (https://emeritus.org/in/learn/tag/insights-trends/)

Find the right programme.

Share your details to get free expert course counselling.
:
 First Name

Last Name

Email

Category

India

+91 Mobile Number

By clicking the button below, you agree to receive communications via Email/Call/WhatsApp/SMS
from & Emeritus about this programme and other relevant programmes. Privacy Policy
(https://emeritus.org/in/privacy-policy/)

Submit
:
 Stay up to date! Get the latest content delivered to your inbox.
Sign up for the Emeritus Newsletter for
our latest blogs, free bite-sized videos,
course updates & more.

First Name Last Name

Email

I agree to receive
communications via
Subscribe
Email/Call/WhatsApp/SMS
from Emeritus. Privacy Policy
(https://emeritus.org/in/privacy-
policy/)
:
 Courses on Digital Marketing Category
(https://iimc.emeritus.org/iimc-executive- (https://iimi.emeritus.org/iimi-executive-
programme-on-digital-and-social- programme-in-digital-
media-marketing-strategy/index.php? marketing/index.php?
src_trk=em641271a03064f1.403345381167351787)
src_trk=em641271a03064f1.403345381167
(https://iimc.emeritus.org/iimc-executive- (https://iimi.emeritus.org/iimi-executive-
programme-on-digital-and-social- programme-in-digital-
media-marketing-strategy/index.php? marketing/index.php?
src_trk=em641271a03064f1.403345381167351787)
src_trk=em641271a03064f1.403345381167

IIM Calcutta IIM Indore

Institute Rank 3 Institute Rank 7

NIRF India Rankings 2022: NIRF India Rankings 2022: Management
Management

Executive Programme on Digital & Social Executive Programme in Digital Marketing

Media Marketing Strategy
18 Weeks Online Beginner
9 Months Blended Advanced
Starts on
Starts on Executive Certificate of
March 29, 2023 completion
March 4, 2023 Education Alumni
Status
(https://iimi.emeritus.org/iimi-executive-
(https://iimc.emeritus.org/iimc-executive-
programme-in-digital-
programme-on-digital-and-social-
marketing/index.php?
media-marketing-strategy/index.php?
src_trk=em641271a03064f1.403345381167
src_trk=em641271a03064f1.403345381167351787)
:
 Other Articles on Digital Marketing

Digital Marketing Digital Marketing

(https://emeritus.org/in/learn/category/digital-
(https://emeritus.org/in/learn/category/digital-
marketing/) marketing/)

How to Learn Digital Is Digital Marketing a

Marketing and be an
Effective Marketer
(https://emeritus.org/in/l
earn/career-guide-how-
to-learn-digital-
marketing/)
Many reasons have led to
the digital marketing
boom, but two stand out
— it’s cheaper and highly
effective. In fact, today,
Facebook serves as…
Good Career Option?
Here’s What You Need to
Know
(https://emeritus.org/in/l
earn/digital-marketing-
is-digital-marketing-a-
good-career/)
We cannot imagine a
world without the internet
today – on both
professional as well as
personal fronts. If you are
someone who is looking…

Digital Marketing
(https://emeritus.org/in/learn/category/digital-
marketing/)

SEO as a Product: Is It a
2023 Digital Marketing
Trend
(https://emeritus.org/in/l
:
 earn/seo-as-a-product-is-
it-a-2023-digital-
marketing-trend/)

Search engine
optimisation or SEO is a
set of practices that
improve the appearance
and position of a web
page on a search engine
ranking…

footer-logo Emeritus
About Us
(https://emeritus.org/in/)
Emeritus is committed to teaching the Students Loans And Financing
skills of the future by making high-
quality education accessible and Emeritus Career Services
affordable to individuals, companies, and Blog
governments around the world. It does
this by collaborating with more than 50 Newsroom
top-tier universities across the United Enterprise
States, Europe, Latin America, Southeast
Asia, India and China. Emeritus’ short Global Programs
courses, degree programs, professional Policies
certificates, and senior executive
programs help individuals learn new Privacy Policy
skills and transform their lives,
Cookie Policy
companies and organizations.
s://instagram.com/emeritus_india?
ww.facebook.com/Emeritus-
s://www.linkedin.com/company/emeritus- Terms of Service
/www.youtube.com/channel/UC98kynF2a0WYUKZ4_Wa9TdQ)
(https://twitter.com/EmeritusIndia)
d=ralxx0til279)
66229055416)
/?viewAsMember=true) Annual Return

Contact Us

Careers

Categories Institutes
:
 Categories Institutes
Digital Marketing Courses Indian School of Business

Leadership Courses Kellogg Executive Education

Product Management Courses IIM Calcutta

Data Science Courses MIT xPRO

Data Analytics Courses IIM Kozhikode

Human Resource Management IIM Lucknow

Business Management Courses IIT Delhi

Finance Courses IIT Bombay

Marketing Courses S.P. Jain Institute of Management and

Research
Information Technology Courses
IIM Indore
Project Management Courses
Xavier School of Management
Design Thinking Courses
Management Development Institute
Supply Chain Analytics and
Management Courses IIM Jammu

Operations Management Courses IIT Palakkad

Digital Transformation Courses IIT Madras Pravartak

Business Analytics Courses NUS Business School

AI & ML Courses

Student Resources
Login

Student Hand book

© 2023. All Rights Reserved

: