October 10, 2022
Market research is the process of gathering, analysing, and interpreting information about a market, including customers’ needs, preferences, and behaviours. It helps businesses make informed decisions, identify opportunities, test ideas, and reduce risk by understanding target audiences, competitors, and trends in the marketplace through qualitative and quantitative methods.
Market research helps companies achieve success in many ways – in particular, enabling them to identify their target consumer, find out what existing and potential buyers think about their product or brand and gather business and consumer insights to help them improve their decision-making and overall success. This short article looks at the question: Why do companies do market research?
This video nicely introduces the ideas of how consumer insight and marketing research can help you and why so many companies do market research. For further information, read our article on Why Market Research Matters.
Market research should be part of your business strategy. It can be undertaken at any stage – from idea generation and exploring business issues, right through to product development and market testing. It is important to note that people’s circumstances and motivation change over time, so you should really consider reviewing your research on a regular basis – especially when new competitors enter the market.
Here is a list of just a few ways that com
We work with organisations of all sizes, from start-up companies to large international brands – so if you would like to talk to one of our market research experts, then please do get in touch.
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Heuristics are mental shortcuts used to simplify decision-making. Common types include availability, representativeness, anchoring, and affect heuristics. They help speed up judgments but can lead to cognitive biases. Heuristics are essential in everyday thinking, user experience design, and behavioral research, highlighting how humans process information under uncertainty or limited time.
Data science is the practice of extracting meaningful insights from large and complex datasets using statistical analysis, programming, and machine learning. In market research, it helps identify patterns, predict behaviours, and support data-driven decision-making across customer segmentation, trend analysis, pricing strategies, and campaign optimisation.