What is a market study?

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samiaseo222
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Joined: Sun Dec 22, 2024 3:27 am

What is a market study?

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Market research consists of gathering information about the processes, phenomena and causes of a given sector. According to Jerzy Dietl, professor of economics, market research is "a set of activities leading to the understanding of market phenomena, factors and processes, their genesis, current form and development trends". Its aim is to obtain information about the basic mechanisms of the market, such as supply, demand and prices of products and services, but also about the behaviour of competitors operating in a given market, consumer preferences and expectations, sales systems or distribution networks.

What types of market research exist?

Considering different types of code phone number philippines criteria, market research can be divided into 5 aspects, including:

Below is a more detailed breakdown of the studies, based on the factors mentioned.

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Data analysis and forecasting

Taking into account the time horizon, we can distinguish two types of market research. The first is the analysis of market data on past and current phenomena. It consists of obtaining all available information through methods such as interviews, use of databases (for example, the Central Statistical Office), conducting surveys, etc. The second type of research is forecasting, which allows to find out trends and also to predict the future situation of the market studied.
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