Market Research Overview: Market research is the study of what customers want and need. Designing, administering and interpreting surveys is a major tool of the discipline. In addition to coursework in these specialties, knowledge of psychology and statistics is also very useful.
Another data-collection device is the focus group. This is where customers or potential customers are gathered in a room to discuss an existing or proposed product. Led by a trained moderator, the group discussion is supposed to yield clues on what customers really want.
Market research also involves the analysis of existing data. For example, you may be trying to find statistical correlations between the sales of a product from your firm and the sales of similar products offered by other firms. Or, you may try to discern correlations between sales and various economic indicators.
Similarly, you may be analyzing the relationship between sales and pricing changes, or between sales and advertising or promotional programs.
