market-research-data

Vocabulary Word

Definition

'Market research data' is specific information collected to understand consumers’ needs and preferences. It's like mapping out where potential customers are and what they want, so businesses can meet them there with the right products or services.

Examples in Different Contexts

For product development, 'market-research data' is crucial for understanding customer needs and gaps in the market. A product developer might state, 'The market-research data helped us identify a demand for more user-friendly home automation products.'

Practice Scenarios

Design

Scenario:

We are planning on redesigning our product. The new design should be more intuitive and visually appealing.

Response:

Have we evaluated any market research data that specifies the design preferences of our target users?

Business

Scenario:

We're observing a change in our customer's priorities. They're now preferring more eco-friendly products.

Response:

Perhaps the market research data can give us more insight into eco-friendly products in demand.