Business Administration 166 - Advertising - Cardona

Market research is the systematic collection and analysis of data on the size of a market, consumer behavior and preferences, the extent to which current products meet consumer expectations, and social trends that might impact sales.” (From the AMA dictionary of business and management. New York, NY: AMACOM, Publishing, 2013). Market research looks at consumers; what they buy, who they are, which companies they buy from, etc.

Who needs market research?  Any business or organization which plans to launch a new product or service. Market research helps a company define its target market and refine its offerings to meet the customer’s needs. 

Market Research general data categories:

• Primary data is collected directly through interviews, focus groups, surveys, observation, etc. by marketing firms hired to do primary research for a company or organization. 
• Secondary data is data which has been collected by someone else. This includes market research reports from commercial publishers and data from government or trade associations. Published market research reports are very costly, and often include data with industry overviews, market size, market share, trends, consumers, etc.

Adapted from NYPL Market Research Guide.

Starting Points for Market Research:

• Use your product or industry with keywords like: brand choice, consumer research, marketing strategy, brand loyalty, customer loyalty, product acceptance, brand preferences, market* research, product choice, consumer attitudes, product introduction, consumer behavior, market strategy, target markets
• If you can't pinpoint a product or industry, try looking up a company that is similar and see what industries it is in. 
• When looking for data, consider who might collect that information: Government agencies? Industry associations? Research centers?

From LOC and UNC LibGuide.

Adapted from UC Boulder LibGuide.