Corporate market research, generally speaking, is a study of the market in which a business operates.
Within the subject of corporate market research there are different subfields. Some of those include product-market fit, voice of customer, and competitive analysis.
Corporate market research is broad enough to include market research for any corporation regardless of who the customer is, so it’s important to make the distinction between B2C corporate market research and B2B market research.
What is quantitative market research?
Quantitative market research is the process of gathering information from consumers and other stakeholders, in order to understand their needs, wants, and motivations. Typically, researchers conduct quantitative market research through surveys or questionnaires.
What does “qualitative” mean?
Qualitative data sometimes isn’t as appreciated as qualitative data because it isn’t hard data. This means it relies on the interviewer using a more subjective approach to gathering, recording, and interpreting data. For example, if you were observing people in a shopping mall for your market research project, you would not be counting how many women were wearing red shirts. Instead, you would describe what they looked like and how they behaved while shopping at the mall.
This kind of observation is common during market research fieldwork because it allows researchers to see things that might not show up in quantitative surveys. For example, if someone walked into a store with their arms full of bags from other stores but no bags from yours, this might indicate that your store was not doing well enough to compete with all the others nearby!
What is the difference between primary and secondary research?
You might have heard the term primary research and secondary research. Both are important sources of information when doing corporate market research but are quite different in how researchers conduct them.
Primary research is conducted when you are trying to find new information. This is a type of research that NewtonX typically engages in. It involves going straight to the source of information—in other words, a network of professionals who can answer specific questions about their industries.
People conduct secondary research when you look for information that has already been gathered and analyzed. There are very big data research firms that conduct industry-wide surveys and generate reports. They make these available for other companies to purchase. Secondary research can address a specific problem or general trends in customer preferences.