Market Research: Understanding and Application Question: Define Market Research: Explain the process of gathering, analyzing, and interpreting information about a market, including key aspects such as the target audience, competitors, and industry trends.

Market Research: Understanding and Application

Question:

1. Define Market Research:
   Explain the process of gathering, analyzing, and interpreting information about a market, including key aspects such as the target audience, competitors, and industry trends.
2. Key Components of Market Research:
   Elaborate on the following components:
   • Purpose
   • Target Audience
   • Competitor Analysis
   • Market Trends
3. Data Collection Methods:
   Differentiate between primary and secondary research methods. Provide examples of tools or techniques for each method.
4. Data Analysis:
   Describe the process of analyzing collected data and explain how actionable insights are derived.
5. Presentation of Findings:
   Discuss the importance of summarizing findings in a report or presentation for effective decision-making.
6. Tools and Techniques in Market Research:
   Explain the use of the following tools:
   • Surveys and Polls (e.g., Google Forms, SurveyMonkey)
   • Analytics Platforms (e.g., Google Analytics)
   • Competitor Analysis Tools (e.g., SEMrush, SimilarWeb)
   • Industry Reports (e.g., Statista, IBISWorld)
   • Focus Groups
7. Applications of Market Research:
   Provide examples of how market research is applied in areas such as product development, marketing strategy, pricing strategy, identifying market gaps, customer satisfaction assessment, and exploring new markets.