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

In marketing strategy, 'market-research data' is used to inform decisions about targeting, positioning, and messaging. A marketing strategist might explain, 'We leveraged market-research data to craft our campaign, focusing on the preferences and behaviors of our primary audience segments.'

Practice Scenarios

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.

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?