25 Market Research Terms You Need to Know
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Welcome to our guide on market research terms that every business owner should know! Whether you’re just starting out or have been in the game for a while, understanding these key terms will help you make informed decisions and take your business to the next level.
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Market Research:
The process of gathering, analyzing, and interpreting information about a market, including product or service offerings, and consumers within that market.
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Target Market:
A specific group of consumers at which a company aims its products and services.
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Demographics:
Statistical data relating to the population and particular groups within it, like age, gender, income level, etc.
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Psychographics:
The study of consumers based on psychological characteristics and traits such as values, desires, goals, interests, and lifestyle choices.
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Primary Research:
Research that is collected first-hand for a specific research purpose.
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Secondary Research:
The use of existing research data gathered by an external source.
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Qualitative Research:
Research that explores and provides insights into consumer attitudes, motivations, and behaviors through methods like interviews or focus groups.
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Quantitative Research:
Research that quantifies opinions, behaviors, and other defined variables and generalizes results from a larger sample population.
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Survey:
A research method used for collecting data from a predefined group of respondents to gain information and insights on various topics of interest.
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Focus Group:
A small, diverse group of people whose reactions are studied in guided or open discussions about a new product or something else to determine the reactions that can be expected from a larger population.
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Data Analysis:
The process of inspecting, cleaning, transforming, and modeling data with the goal of discovering useful information and supporting decision-making.
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Market Segmentation:
The process of dividing a market of potential customers into groups, or segments, based on different characteristics.
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Sampling:
The process of selecting a representative group from the population under study.
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Consumer Behavior:
The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
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SWOT Analysis:
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
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Benchmarking:
Comparing one’s business processes and performance metrics to industry bests or best practices from other industries.
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Brand Awareness:
The extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.
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Competitor Analysis:
Assessment of the strengths and weaknesses of current and potential competitors.
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Data Collection:
The process of gathering and measuring information on variables of interest, in an established systematic fashion that enables one to answer stated research questions, test hypotheses, and evaluate outcomes.
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Ethnography:
The systematic study of people and cultures where the researcher observes society from the point of view of the subject of the study.
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Market Penetration:
The percentage of a target market that consumes a product or service.
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Net Promoter Score (NPS):
A management tool that can be used to gauge the loyalty of a firm’s customer relationships.
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Pilot Study:
A small-scale preliminary study conducted to evaluate feasibility, time, cost, adverse events, and improve upon the study design prior to performance of a full-scale research project.
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Regression Analysis:
A statistical process for estimating the relationships among variables, often used to determine how specific factors such as the price and demographic characteristics affect the purchasing behavior of consumers.
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Trend Analysis:
An analysis of changes in market behavior over time.
Understanding these terms is fundamental for conducting effective market research, which is crucial in making informed business decisions and understanding market dynamics.
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