Market Research Report: Analyzing Consumer Behavior and Market Trends

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MAEKET RESEARCH
[DATE]
[Company name]
[Company address]

Table of Contents
Introduction: -.......................................................................................2
Nature and process of market research.................................................2
Values, skills and knowledge required for market research..............3
Locate, organise, analyse, synthesise and evaluate information in market
research:.............................................................................................4
Conclusion............................................................................................4

Market research
Introduction: -
The process of analysing and collection of information about the customers in the market is known as
market research. This information helps the organisation to make business plans and take future decisions.
Market research helps the business in many ways: -
 Helps in launching new product and service
 Helps in improvement of existing goods and services
 Expansion of business in new markets
 Helps in selecting location for business
 Setting new prices for products
Types of market research: - market research is characterised into two parts primary and secondary. Primary
research includes collection of original information about habits, preferences, attitudes and opinions of the
customers in the market. Data can be collected in the form of surveys, focus groups, field tests etc.
Secondary research includes previous existing information in reference books, newspaper, magazines,
industry publications and trade associations. Secondary research gathers information about company’s
growth, sales, demographic profiles etc (Sarstedt, and Mooi., 2019.).

Nature and process of market research: -
Nature and main purpose of market research is to provide valid and accurate information about the market to
the businesses. Market research helps the business to take sound decision which is based on competitive
marketing environment, not on the intuitions and feeling of an individual. Market research is based on
questioning and observations which includes qualitative and quantitative market research. Market research
doesn’t appear expensive if it’s done in a correct manner and follows right process. Market research process
includes five steps: -
 Identifying problem or opportunity: - it is the most important step of market research. Before
collecting data or doing any research, it’s very important to identify the problems in the market.
Defining the problems includes quality of information and sources of information. The process
involves development of questions that identifies the problem in the form of surveys, analysis etc.
 Development of market research plan: - after identifying the problem we need to develop a market
research plan which will help the business to explore the opportunities appearing in the market.
Development of research plan includes feedback from customers, conducting proper surveys with the
help of survey tools and run user test on website, it is a cost-effective approach to gather data on how
potential customers respond towards something in the market.
 Collection of relevant data and information: - in market research the collected data is not only
descriptive but observational also, which actually represent a mix of two types of data, qualitative
and quantitative. Survey conducted to gather information includes open-ended and close-ended
questions.
 Analysing data and report findings: - after gathering data it’s very important to analyse it. Even if a
formal market research is not needed it’s important to overview the study and result to coherent the
recommended course of action. Research over collected data or information is pointless if it’s not
leading to an action.
 Turning research into actions: - after the research is completed its time to turn the research into
actions. It’s time for the development of marketing strategy and campaigns. Business environment
and preferences of people are continuously changing that means the research never ends, data should
be analysed continuously for reduction of hindrances. Getting more information about buyers,
company and competitors enables a business to get more success in the market (Quinlan, et, al., 2019).
Values, skills and knowledge required for market research: -
Key skills required for market research analysis: -

 Ability of coping with fast and pressured work
 Accuracy
 Strong analytical mind
 Interest in psychology and consumer behaviour
 Strong organisational strategy and skills
 Good communication skills
Values required for market research: - value in marketing refers to customer satisfaction. There are four
types of value: -
 Functional value: - this value explains the offer given to the customers and provide its solution.
 Monetary value: - this value addresses price given for product is relative to its worth. This value also
invites a trade-off among monetary cost and values.
 Social values: - this value shows customer engagement with others in owing a product or a service.
 Psychological value: - this shows how the customer express their feeling after buying a product.
Attitude and knowledge required in market research: -
 A curious mind
 Good social and communication skills
 Advance technical and mathematical ability
 Deep and proper understanding of human behaviour (Nunan and Di Domenico., 2019.).
Locate, organise, analyse, synthesise and evaluate information in market research: -
Locating problems: - in market research first step is identifying and locating the problem in the market
whether it is competitors or business environment. For example, the company Tesco before setting up a new
store in market always conduct a research for identifying the problems appearing in the market which
sometimes also lead to discovery of new opportunities.
Organising surveys: - after identifying the problems businesses often organise research surveys and field test
to find the solution to the identified problem. In Tesco research surveys are conducted to know the habits
and preferences of the customer. As customer are knowns as active force of the market.
Analysing the data: - information collected by conducting surveys is analysed for development of strategies.
Tesco analyse the data properly and develop many new strategies that help in efficient operation of the
company.

Synthesising the information: - synthesising the result of market research helps to group our focus on the
customer wants and remove other obstacles in the way of success. Tesco managers synthesise the collected
information for making an effective action plan for achieving success in market
Evaluation: - an action plan is developed from the collected information. Collected information is of no use
if its not implemented in the market. An action plan helps in evaluating various steps to stand against the
competitors in the market. Tesco have various action plans which helps the company in evaluating various
strategies to give tough competition to its competitors in the market (Richards, et, al., 2019.).
Conclusion: -
Market research is conducted by the businesses to solve the problems, gathering information of competitors,
identifying needs and problems of non-paying and potential customers. Collected information is analysed to
develop different development marketing strategies for the businesses.

References: -
 Sarstedt, M. and Mooi, E., 2019. Introduction to Market Research. In A Concise Guide to Market
Research (pp. 1-9). Springer, Berlin, Heidelberg.
 Quinlan, C., Babin, B., Carr, J. and Griffin, M., 2019. Business research methods. South Western Cengage.
 Nunan, D. and Di Domenico, M., 2019. Rethinking the market research curriculum. International Journal of
Market Research, 61(1), pp.22-32.
 Richards, G., Yeoh, W., Chong, A.Y.L. and Popovič, A., 2019. Business intelligence effectiveness and
corporate performance management: an empirical analysis. Journal of Computer Information Systems, 59(2),
pp.188-196.
 Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications Limited.