What is it?
Market research is a process that involves analyzing, collecting, and interpreting data obtained from the market and everything surrounding it, with the aim of knowing how to make the right decisions to improve the company's performance.
What is it for?
Market research helps us understand current consumer purchasing trends. The data collected from the research is used to generate a data analysis to understand the current situation and how to act at that specific moment.
Types of market research tools
There are two types of market research tools: qualitative and quantitative. Qualitative tools deal with information collected through surveys conducted by different means, while quantitative tools are responsible for collecting numerical and statistical data.
Qualitative tools
- Focus group: responsible for interviewing several people at the same time, there is a moderator who is in charge of choosing the questions and controlling the pace of the interviews.
- Interviews: these are questions asked in order to obtain information from people about a specific topic.
- Daily studies: these are daily records of consumers' shopping experiences. By keeping a daily record, errors that occur when consumers make purchases can be corrected.
Quantitative tools
- Net Promoter Score: This is a very short questionnaire used to find out what customers think about the product or service offered.
- Market surveys: these are a series of very specific questions and answers designed to collect specific data.
- Mystery shopper: a person who goes undercover to a place to find out what the shopping experience was like there.
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