Supportsoft Glossary
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Market Research Methods for Informed Decisions
The gathering, analysing, and interpreting of information about potential customer groups, competition, and current trends within a given industry is known as market research.
Market research is accomplished through methods such as survey research, interviews, focus groups, analysis of competing firms, and analysis of data. A combination of qualitative (observational) and quantitative (statistical) methods are typically employed to assess both customer requirements and the market environment.
A market research service for an IT/ITES firm provides assistance in developing new services, determining appropriate pricing strategies, and facilitating the Go-To-Market (GTM) planning process. The overall purpose of market research is to mitigate risk through the validation of assumptions based upon current market conditions and identifying new growth opportunities.
When used in combination with data analytics and business intelligence solutions, market research provides management with the tools necessary to make evidence-based business decisions that are vital for continued business growth and success.