Market research can show us what is true about our target markets, or the populations to which we’d like to sell our products(s). Choose a real-life firm and product, and identify one research problem (or “question”)….

Market research can show us what is true about our target markets

Market research can show us what is true about our target markets, or the populations to which we’d like to sell our products(s).

Further, choose a real-life firm and product, and identify one research problem (or “question”) you could use to guide a marketing research study.

Finally, at minimum, identify your research methods, the type of data you’d like to collect, why your study would be meaningful to the firm, and what kind of evidence-based decision the firm could make based on the results of your study.

More details;

How to do market research in 4 steps: a lean approach to marketing research

David Darmanin, Hotjar’s CEO (and my boss), launched two startups before Hotjar took off—but both companies crashed and burned. Each time, he and his team spent months trying to design an amazing new product and user experience, but they failed because they didn’t have a clear understanding of what the market demanded.

With Hotjar, they did things differently. Long story short, they conducted market research in the early stages to figure out what their consumers really wanted, and they made (and also continue to make) constant improvements based on their research.

In this blog post, you’ll learn how to conduct quick, effective market research without hiring an agency—something called lean market research. It’s easier than you might think, and it can be done at any stage in a product’s life-cycle.

To show you how it’s done in the real world, I’ve included a market research example from Smallpdf. Smallpdf is a Swiss company that used lean market research to reduce their tool’s error rate by 75% and boost their Net Promoter Score® (NPS) by 1%.

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