From KPIs to segmentation, market research terms are an important for anyone interested in this field to know. Today I will provide a list of the most common terms used in the field of market research.
For a more comprehensive list, the site Prolific defines a lot of terms commonly used in the field of market research.
General Market Research Terms
Before we discuss market research terms, we should cover some general research terms that you may hear in the field of market research!
Primary vs. Secondary Research
Primary research relates to gathering new data on a specific topic, while secondary research relates to analyzing already created data. These terms relate to qualitative and quantitative research respectively.
Qualitative vs. Quantitative Research
Relating to the previous terms, qualitative research relates to studies with non-numerical (or non-number) based research and can include interviews or focus groups. In contrast, quantitative research relates to numerical (or number) based research and can include experiments or structured surveys (think surveys with specific numerical answer options). These methods can, and should, be used in market research.
Key Market Research Terms
Here is a basic list of some key market research terms. These terms are extremely important to know in the field of market research.
Target Market/Target Audience
A target audience (or target market) relates to the main audience of a specific brand. This term can occasionally be labeled as “target market.”
Focus Groups
Focus groups typically consist of a company representative interviewing a group of potential customers on their perception of a brand or product.
Segmentation
Relating to market segmentation, this shortened term relates to dividing (or segmenting) a larger market into smaller audience groups.
KPI (Key Performance Indicator)
KPIs relate to the development of marketing or advertising tactics. Typically, companies create KPIs as a way to measure the performance of their marketing tactics.
Measurement and Analysis Terms
Here are a list of the most common measurement and analysis terms used in market research.
SWOT Analysis
A valuable tool often used to explore current business practices while exploring new opportunities. In this post, I detail what a SWOT analysis is and how to create one to suit your brands various needs.
Conclusion
Having a basic understanding of market research terms is extremely important for success in the world of communications. In this post, I have detailed many important terms to know for success in the field of market research.