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Business Studies IGCSEPDF 98
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Market Research is the process of collecting, analyzing, and interpreting information
about customers, competitors, and the market environment to make informed business
decisions.
Importance of Market Research
Market research is vital for ensuring that a business produces goods and services that
will successfully meet customer needs and generate profit. Without proper research,
firms risk developing products that fail in the market.
It helps businesses answer key questions such as:
● Will customers be willing to buy this product?
● What factors influence buying decisions — price, quality, or brand image?
● How intense is competition in the target market?
● What are current and emerging trends in customer preferences?
Types of Market Research Data
Type
Description
Example
Quantitative
Data
Numerical data that can be
measured and analyzed statistically.
Percentage of teenagers in a
city with internet access.
Qualitative
Data
Opinion-based data that provides
insight into consumer motivations
and attitudes.
Understanding why more
women prefer a brand
compared to men.
Categories of Market Research