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- Title 48 —Federal Acquisition Regulations System
- Chapter 1 —Federal Acquisition Regulation
- Subchapter B —Acquisition Planning
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Enhanced Content - Details40 U.S.C. 121(c) ; 10 U.S.C. chapter 4 and 10 U.S.C. chapter 137 legacy provisions (see 10 U.S.C. 3016 ); and 51 U.S.C. 20113 . 60 FR 48237 , Sept. 18, 1995, unless otherwise noted. Enhanced Content - PrintGenerate PDF This content is from the eCFR and may include recent changes applied to the CFR. The official, published CFR, is updated annually and available below under "Published Edition". You can learn more about the process here . Enhanced Content - Display OptionsThe eCFR is displayed with paragraphs split and indented to follow the hierarchy of the document. This is an automated process for user convenience only and is not intended to alter agency intent or existing codification. A separate drafting site is available with paragraph structure matching the official CFR formatting. If you work for a Federal agency, use this drafting site when drafting amendatory language for Federal regulations: switch to eCFR drafting site . Enhanced Content - SubscribeSubscribe to: 48 CFR Part 10 Enhanced Content - Timeline
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Information and documentation can be found in our developer resources . eCFR ContentThe Code of Federal Regulations (CFR) is the official legal print publication containing the codification of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government. The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. It is not an official legal edition of the CFR. Enhanced ContentPart 10—market research, 10.000 scope of part.. This part prescribes policies and procedures for conducting market research to arrive at the most suitable approach to acquiring, distributing, and supporting supplies and services. This part implements the requirements of 41 U.S.C. 3306(a)(1) , 41 U.S.C. 3307 , 10 U.S.C. 3453 , and 6 U.S.C. 796 . [ 60 FR 48237 , Sept. 18, 1995, as amended at 74 FR 52849 , Oct. 14, 2009; 79 FR 24199 , Apr. 29, 2014; 87 FR 73896 , Dec. 1, 2022] 10.001 Policy.( a ) Agencies shall— ( 1 ) Ensure that legitimate needs are identified and trade-offs evaluated to acquire items that meet those needs; ( 2 ) Conduct market research appropriate to the circumstances— ( i ) Before developing new requirements documents for an acquisition by that agency; ( ii ) Before soliciting offers for acquisitions with an estimated value in excess of the simplified acquisition threshold; ( iii ) Before soliciting offers for acquisitions with an estimated value less than the simplified acquisition threshold when adequate information is not available and the circumstances justify its cost; ( iv ) Before soliciting offers for acquisitions that could lead to consolidation or bundling ( 15 U.S.C. 644(e)(2)(A) and 15 U.S.C. 657q ); ( v ) Before awarding a task or delivery order under an indefinite-delivery-indefinite-quantity (ID/IQ) contract ( e.g. , GWACs, MACs) for other than a commercial product or commercial service in excess of the simplified acquisition threshold 10 U.S.C. 3453(c) ); and ( vi ) On an ongoing basis, take advantage (to the maximum extent practicable) of commercially available market research methods in order to effectively identify the capabilities of small businesses and new entrants into Federal contracting that are available in the marketplace for meeting the requirements of the agency in furtherance of— ( A ) A contingency operation or defense against or recovery from cyber, nuclear, biological, chemical, or radiological attack; and ( B ) Disaster relief to include debris removal, distribution of supplies, reconstruction, and other disaster or emergency relief activities (see 26.205); and ( 3 ) Use the results of market research to— ( i ) Determine if sources capable of satisfying the agency's requirements exist; ( ii ) Determine if commercial products or commercial services, or, to the extent commercial products suitable to meet the agency's needs are not available, nondevelopmental items are available that— ( A ) Meet the agency's requirements; ( B ) Could be modified to meet the agency's requirements; or ( C ) Could meet the agency's requirements if those requirements were modified to a reasonable extent; ( iii ) Determine the extent to which commercial products or nondevelopmental items could be incorporated at the component level; ( iv ) Determine the practices of firms engaged in producing, distributing, and supporting commercial products or commercial services, such as type of contract, terms for warranties, buyer financing, maintenance and packaging, and marking; ( v ) Ensure maximum practicable use of sustainable products and services (as defined in 2.101) in accordance with subpart 23.1; ( vi ) Determine whether consolidation is necessary and justified (see 7.107-2) ( 15 U.S.C. 657q ); ( vii ) Determine whether bundling is necessary and justified (see 7.107-3) ( 15 U.S.C. 644(e)(2)(A) ); ( viii ) Determine whether the acquisition should utilize any of the small business programs in accordance with part 19; and ( ix ) Assess the availability of supplies or services that meet all or part of the applicable information and communication technology accessibility standards at 36 CFR 1194.1 (see subpart 39.2). ( b ) When conducting market research, agencies should not request potential sources to submit more than the minimum information necessary. ( c ) If an agency contemplates consolidation or bundling, the agency— ( 1 ) When performing market research, should consult with the agency small business specialist and the local Small Business Administration procurement center representative (PCR). If a PCR is not assigned, see 19.402(a); and ( 2 ) Shall notify any affected incumbent small business concerns of the Government's intention to bundle the requirement and how small business concerns may contact the appropriate Small Business Administration procurement center representative (see 7.107-5(a)). ( d ) See 10.003 for the requirement for a prime contractor to perform market research in contracts in excess of $6 million, other than contracts for the acquisition of commercial products or commercial services (section 826 of Pub. L. 110-181 ). [ 60 FR 48237 , Sept. 18, 1995, as amended at 64 FR 72443 , Dec. 27, 1999; 65 FR 46054 , July 26, 2000; 66 FR 20896 , Apr. 25, 2001; 68 FR 4049 , Jan. 27, 2003; 68 FR 60005 , Oct. 20, 2003; 69 FR 8313 , Feb. 23, 2003; 71 FR 36925 , June 28, 2006; 71 FR 74676 , Dec. 12, 2006; 74 FR 52849 , Oct. 14, 2009; 75 FR 34278 , June 16, 2010; 76 FR 14565 , Mar. 16, 2011; 80 FR 38297 , July 2, 2015; 81 FR 67772 , Sept. 30, 2016; 84 FR 19837 , May 6, 2019; 85 FR 11756 , Feb. 27, 2020; 85 FR 62488 , Oct. 2, 2020; 86 FR 44231 , Aug. 11, 2021; 86 FR 61021 , Nov. 4, 2021; 87 FR 73896 , Dec. 1, 2022; 89 FR 30237 , Apr. 22, 2024] 10.002 Procedures.( a ) Acquisitions begin with a description of the Government's needs stated in terms sufficient to allow conduct of market research. ( b ) Market research is then conducted to determine if commercial products, commercial services, or nondevelopmental items are available to meet the Government's needs or could be modified to meet the Government's needs. ( 1 ) The extent of market research will vary, depending on such factors as urgency, estimated dollar value, complexity, and past experience. The contracting officer may use market research conducted within 18 months before the award of any task or delivery order if the information is still current, accurate, and relevant. Market research involves obtaining information specific to the product or service being acquired and should include— ( i ) Whether the Government's needs can be met by— ( A ) Products or services of a type customarily available in the commercial marketplace; ( B ) Products or services of a type customarily available in the commercial marketplace with modifications; or ( C ) Products or services used exclusively for governmental purposes; ( ii ) Customary practices regarding customizing, modifying or tailoring of products of services to meet customer needs and associated costs; ( iii ) Customary practices, including warranty, buyer financing, discounts, contract type considering the nature and risk associated with the requirement, etc., under which commercial sales of the products or services are made; ( iv ) The requirements of any laws and regulations unique to the item being acquired; ( v ) The availability of items that contain recovered materials and items that are energy efficient; ( vi ) The distribution and support capabilities of potential suppliers, including alternative arrangements and cost estimates; and ( vii ) Whether the Government's needs can be met by small business concerns that will likely submit a competitive offer at fair market prices (see part 19). ( 2 ) Techniques for conducting market research may include any or all of the following: ( i ) Contacting knowledgeable individuals in Government and industry regarding market capabilities to meet requirements. ( ii ) Reviewing the results of recent market research undertaken to meet similar or identical requirements. ( iii ) Publishing formal requests for information in appropriate technical or scientific journals or business publications. ( iv ) Querying the Governmentwide database of contracts and other procurement instruments intended for use by multiple agencies available at https://www.contractdirectory.gov/contractdirectory/ and other Government and commercial databases that provide information relevant to agency acquisitions. ( v ) Participating in interactive, on-line communication among industry, acquisition personnel, and customers. ( vi ) Obtaining source lists of similar items from other contracting activities or agencies, trade associations or other sources. ( vii ) Reviewing catalogs and other generally available product literature published by manufacturers, distributors, and dealers or available on-line. ( viii ) Conducting interchange meetings or holding presolicitation conferences to involve potential offerors early in the acquisition process. ( ix ) Reviewing systems such as the System for Award Management, the Federal Procurement Data System, and the Small Business Administration's Dynamic Small Business Search. ( c ) If market research indicates commercial products, commercial services, or nondevelopmental items might not be available to satisfy agency needs, agencies shall reevaluate the need in accordance with 10.001(a)(3)(ii) and determine whether the need can be restated to permit commercial products, commercial services, or nondevelopmental items to satisfy the agency's needs. ( 1 ) If market research establishes that the Government's need may be met by a type of product or service customarily available in the commercial marketplace that would meet the definition of a commercial product or commercial service at subpart 2.1, the contracting officer shall solicit and award any resultant contract using the policies and procedures in part 12. ( 2 ) If market research establishes that the Government's need cannot be met by a type of item or service customarily available in the marketplace, part 12 shall not be used. When publication of the notice at 5.201 is required, the contracting officer shall include a notice to prospective offerors that the Government does not intend to use part 12 for the acquisition. ( e ) The head of the agency shall document the results of market research in a manner appropriate to the size and complexity of the acquisition. [ 60 FR 48237 , Sept. 18, 1995, as amended at 68 FR 43863 , July 24, 2003; 68 FR 56679 , 56682 , Oct. 1, 2003; 71 FR 74676 , Dec. 12, 2006; 73 FR 10962 , Feb. 28, 2008; 75 FR 34278 , June 16, 2010; 75 FR 77745 , Dec. 13, 2010; 78 FR 13769 , Feb. 28, 2013; 85 FR 11756 , Feb. 27, 2020; 85 FR 67623 , Oct. 23, 2020; 86 FR 61021 , Nov. 4, 2021] 10.003 Contract clause.The contracting officer shall insert the clause at 52.210-1, Market Research, in solicitations and contracts over $6 million, other than solicitations and contracts for the acquisition of commercial products or commercial services. [ 86 FR 61021 , Nov. 4, 2021] Reader AidsInformation.
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Market Research As a ServiceA value-added service at no additional cost. Market Research As a Service delivers meaningful market data to federal, state, and local agencies for free. Through FAR Part 10 compliant Requests for Information, sources sought, industry days, and advanced product research, MRAS collects data to help customers understand where their need fits within the GSA government-wide marketplace. Additionally, MRAS helps provide feedback from industry about agency requirements documents, industry trends, best practices, and the best GSA contract and NAICS for their acquisition. Watch a video to learn more about Market Research As a Service . Explore our offeringsMRAS provides automated RFIs and sources sought for services and advanced GSA Advantage product searches. We can help with:
MRAS Service Request form Request for Information with market research reportDevelop customized RFIs that strategically target GSA contract holders on GSA eBuy, resulting in a robust market research analysis report showing all responses received, in as little as 1-2 weeks, depending on the requirement. Within 24 hours of receiving your request, we work directly with agency points of contact to review a draft RFI developed from information provided, and work side-by-side with customers to further refine the RFI until it is ready to be posted on GSA eBuy. After the RFI closes, a market research report is designed specifically to see how the GSA market can meet technical requirements and mission needs provided. Market research reports are designed to facilitate completing Small Business Office review forms, developing acquisition plans, and assisting in formulating an overall acquisition strategy. What to expect in the RFI processSubmit a request for an rfi. Select the RFI option on the request form. Develop the RFI with usWe create a customized RFI for your review based on the information provided in your request. Approve your RFI to post on GSA eBuyAfter receiving your approval, we’ll post your RFI on GSA eBuy so you can get valuable industry data. Receive your market research reportAfter your RFI closes, we provide you with a consolidated market research report based on industry data collected. Get supportConnect with a Customer Service Director for ongoing acquisition support. The total estimated time is one to two weeks, depending on the requirement. MRAS provides each customer with a unique, comprehensive, and easy-to-understand report. The report analyzes industry partner data related to the customers’ needs, which gives an understanding of the results expected under the markets researched. The market research report includes socio-economic, technical, capabilities, and comprehensive business information so agencies can complete their acquisition planning and small business strategies and requirements and estimate documents. Training and eventsMras customer training on effective market research for federal, military, state, and local agencies. Attention all public sector employees in the contracting and acquisition career field! In Effective Market Research (MRAS), you’ll learn the importance of market research, how and when to conduct it, and how to get the best results by making your data collection methods more efficient. You will also delve into the regulatory nature of FAR Part 10 and how it ties into other decisions such as acquisition planning, small business set-asides, commercial items, and contract type selection. This course includes real-life scenarios, expert instructors, and tools from MRAS. Take this opportunity to enhance your market research skills and advance your career. This is a one CLP credit course. To request additional MRAS training on the customer’s behalf, please email the MRAS team at [email protected] . Sign up for customer training MRAS industry trainingAs an industry partner, you can provide valuable market research data to inform the purchasing decisions of GSA customers. Participating in our research allows you to showcase your products and services to potential buyers and play a key role in helping government agencies make informed and efficient purchasing decisions. But why choose our MRAS over traditional market research methods? Our research is 100 times easier and efficient, making it a great business development activity for your company. Plus, by participating in MRAS, you can reach a wider audience of government buyers and increase your visibility in the market. We offer monthly industry training seminars to help you get started and make the most of your participation in MRAS. CLPs are not issued for these webinars. Sign up for industry training MRAS in the news
What our customers say“Utilizing this resource is a great way to leverage the hard work put into establishing these contracts and provide a great benefit to the Government as a whole by simplifying the already complex process of federal acquisition. The benefit of conducting this market research gives a PCO the ability to see if there’s a more expedient or cost-effective way to support their mission partner’s needs. Often contracting is known as a slow and drawn-out process, and while it can be, this free tool is fast and gives a great snapshot as to what alternatives are available. MRAS is a great tool in a PCO’s toolkit to have and one that should not be overlooked.” — Capt. Jeremy A. Deorsey, Massachusetts Army National Guard MRAS backgroundCost: MRAS is a market research service GSA provides to all federal, state, and local agencies at no cost. How to submit your market research request: Please reach out to your Customer Service Director so they can walk you through the MRAS process and determine the best MRAS service for your requirement . For industry partners that need help with a surveyPlease fill out the Industry Help Request form . Still have questions?Contact your Customer Service Director or email the MRAS team at [email protected] . PER DIEM LOOK-UP1 choose a location. Error, The Per Diem API is not responding. Please try again later. No results could be found for the location you've entered. Rates for Alaska, Hawaii, U.S. Territories and Possessions are set by the Department of Defense . Rates for foreign countries are set by the State Department . 2 Choose a dateRates are available between 10/1/2022 and 09/30/2025. The End Date of your trip can not occur before the Start Date. Traveler reimbursement is based on the location of the work activities and not the accommodations, unless lodging is not available at the work activity, then the agency may authorize the rate where lodging is obtained. Unless otherwise specified, the per diem locality is defined as "all locations within, or entirely surrounded by, the corporate limits of the key city, including independent entities located within those boundaries." Per diem localities with county definitions shall include "all locations within, or entirely surrounded by, the corporate limits of the key city as well as the boundaries of the listed counties, including independent entities located within the boundaries of the key city and the listed counties (unless otherwise listed separately)." When a military installation or Government - related facility(whether or not specifically named) is located partially within more than one city or county boundary, the applicable per diem rate for the entire installation or facility is the higher of the rates which apply to the cities and / or counties, even though part(s) of such activities may be located outside the defined per diem locality.
Code of Standards
As of November, 2023. Download the PDFThe Insights Association protects and creates demand for the evolving Insights and Analytics profession by promoting the indisputable role of insights in driving business impact. The Insights Association represents companies and individuals throughout the entirety of the Insights ecosystem. The Association’s members may include research companies and their employees, corporate research departments and their employees, analysts, data scientists performing data analytics; organizations and individuals supporting research activities; universities, educators, and students, as well as others. Our members are the world's leading providers of intelligence, analytics, and insights into the needs, attitudes, and behaviors of populations, consumers, companies, corporate departments, and organizations. Our members provide a wide array of products and services that support the ecosystem of decision making. For purposes of this Code, the term “researcher(s)” shall refer to all of the individuals aforementioned. The Insights Association’s mission is to provide the environment and leadership that will advance the integrity, quality, and best interests of the industry and profession. The Association supports standards, guidelines, education and information resources, and self-regulation in research process, practice, and performance. Insights Association protects and advocates for both the profession and the research participants who fuel insights for much of our work, and we ensure through codes and standards that we honor our responsibility for their care and protection. The Insights Association also works closely with other national and international associations to support and improve the integrity and quality of market research and data analytics performed for insights purposes across geographic and cultural borders. The Insights Association Code of Standards and Ethics (the “Code”) is based on the codes of founding organizations, as well as global partners and other national associations, embracing and affirming principles common to them. This Code presents the fundamental, overarching principles of ethics and professionalism for the profession and industry, establishing a platform for self-regulation that fosters confidence in the industry and profession and ensures its continued success. Its purpose is to promote the importance and value of the work undertaken by Insights Association members and promote the interests of the industry and profession to the research participants and clients they serve. A particular emphasis is placed upon the duty of care to research participants and the protection of personal data provided by research participants in order to ensure their continued trust in our profession and to comply with laws, regulations, and the ethical standards described in this Code to encourage their continued cooperation. The Code is supplemented by guidelines that assist practitioners and companies with its application (see end of document for links to guidelines). The Code covers the use of generally accepted and emerging methodologies and encourages the use of methodologies best suited to the research or business problem at hand. The Code recognizes the global nature of the industry and profession and the requirement to comply with all applicable state, national, and international laws and regulations. This Code will be reviewed annually by the Insights Association Standards Committee. INTERPRETATION This Code sets the standards of professional and ethical conduct for all Insights Association members and the research and data analytics industry and profession. In the event of a conflict between this Code and applicable law, the more restrictive standard governs. This Code is to be interpreted in conjunction with other relevant guidelines and principles. These and other supplemental documents are referenced at the end of this document. The Code has been organized into sections describing the responsibilities of members. The Code is not intended to be, nor is it, an immutable document. Circumstances may arise that are not covered or that may call for modification. The Code, therefore, seeks to be responsive to the changes in market research and data analytics without favoring any approach, with broad recognition that innovation will continue to drive the evolution of insights sourcing. The Standards Committee and Board of Directors of the Insights Association will evaluate these changes and, if appropriate, revise the Code. Adherence to the Code is required by all members of the Insights Association. The Insights Association requires its members to review and attest to this Code as part of their membership application and annual membership renewal. In so doing, members grant the Insights Association the authority to enforce the Code and will cooperate with the Association’s enforcement efforts. Information regarding enforcement may be found in the Enforcement section at the end of this document. The Association’s Standards Committee is available to address any complaints and alleged breaches of the Code. Throughout this document, the word “must” is used to identify principles and practices that researchers are obliged to follow. The word “should” indicates recommended practices. DEFINITIONS (Glossary) For the purposes of the Code , the following terms have these specific meanings: Artificial Intelligence – a computing environment where the machine makes autonomous decisions and acts, creates, evolves, or changes decisions without the direct oversight or contribution of a human. Child – Individual for whom informed consent to participate in research must be obtained from a parent or legal guardian. Definitions of the age of a child vary substantially and are set by national laws and self-regulatory codes. Client – Any individual, organization, department or division, internal or external, that requests, commissions or subscribes to all or any part of a research project. Consent – Voluntary, informed agreement by a person (research subject or legal guardian) for participation in research and/or the collection and processing of their personal data. This consent is based upon the person having been provided with clear information about the nature and purpose of the data being collected or used, with whom it will be shared and how it will be used. Depending on applicable law and regulation, particularly with consent for children or other vulnerable individuals, such consent may need to be verifiable. Data analytics – The process of examining data sets to uncover hidden patterns, unknown correlations, trends, preferences and other useful information that can be used to describe, understand, influence and predict behaviors. Data analytics also includes data integration, which is the process of integrating data from different sources. Data Science – A field of activity or discipline that employs mathematics, statistics, and computer science, incorporating techniques like machine learning, cluster analysis, data mining, predictive analytics, and visualization. Harm – Tangible and material injury (such as physical injury or financial loss), intangible or moral damage (such as damage to reputation or goodwill), unsolicited personally-targeted marketing messages, or excessive intrusion into personal life. Non-research activity – Taking direct action toward an individual whose data was collected or analyzed with the intent to change or persuade the attitudes, opinions, or actions of that individual. Non-research activities include but are not limited to advertising, direct marketing, and automated decision-making. Passive data collection – The permission-based or ethical collection of data by researchers observing, measuring, recording, or appending a research subject’s actions or behavior for the purpose of research and without direct interaction with the research subject. Personal data – Information that can be used to distinguish or trace the identity of an individual, either alone or when combined with other identifying information, either directly or indirectly. Personal data can include information such as name, social security number, date and place of birth, mother‘s maiden name, biometric records, photographs, sound or video recording, geolocation data, and other information that is linked or linkable to an individual, such as medical, educational, financial, and employment information. Privacy policy (sometimes referred to as privacy notice) – A published summary of an organization’s privacy practices describing the ways an organization gathers, uses, discloses, and manages research subjects’ personal data. Primary data – Data directly collected from or about a research subject for the purpose of research. Research – Research, which includes all forms of market, opinion, and social research, including data analytics applied for research purposes, means the systematic gathering, analysis, and interpretation of information about individuals and organizations. It uses the statistical and/or analytical methods and techniques of the applied social, behavioral, data and other sciences to generate insights and support decision-making by providers of goods and services, governments, non-profit organizations and the general public. Research subject – Any participant from whom data are collected or used for research purposes. Researcher – Any individual or organization carrying out or acting as a consultant on research, including those working in client or corporate research departments, as well as subcontractors. Secondary data – Data collected by another party, whether for a research or non-research purpose, and data that have already been collected and are available from another source. Sensitive data – Specific types of personal data that local laws require be protected from unauthorized access to safeguard the privacy or security of an individual or organization to the highest possible standards. The definitions of sensitive data vary by jurisdiction. In the U.S., sensitive data includes health and financial data. In other jurisdictions, like the EU, sensitive data includes racial or ethnic origin, health records, sexual orientation or sexual habits, criminal records, political opinions, trade association membership, religious or philosophical beliefs, location, financial information, and illegal behaviors such as the improper use of regulated drugs or alcohol. Subcontractor – A service provider executing any element of a research or data analytics project on behalf of another entity. Individual contractors are considered subcontractors. Subcontractors engaged in research and/or analytics are considered researchers. Vulnerable individual (may also be referred to as vulnerable people or populations) – Person who is permanently or temporarily unable to represent their own interests through a mental, emotional, societal or physical cause that may limit their capacity to make voluntary and informed decisions, or are in a role or position where they may be pressured to participate or answer in a specific way. FUNDAMENTAL PRINCIPLES OF THE CODE The Code is based on the following principles:
Section 1: Duty of Care Researchers must:
Section 2: Primary Data Collection Transparency, Notice and Choice
Section 3: Passive Data Collection Researchers must obtain consent when collecting and/or using passive data whenever possible, regardless of method employed. In such situations, researchers also must provide clear and simple methods for research subjects to grant and retract their consent. If a device is shared by multiple individuals, every effort should be made to delete data that is not sourced from the individual that gave consent. Where it is not possible or practical to obtain consent, researchers must have legally permissible grounds to collect the data and must remove or obscure any identifying characteristics as soon as operationally possible. Section 4: Data and Technology Researchers must apply the principles of this research Code to all elements of use in the realm of Artificial Intelligence when used for the generation of data or insights. Data that is created, curated, and utilized in Artificial Intelligence solutions must meet the criteria of data governance, duty of care, transparency, and research quality. In addition, specific to artificial intelligence, researchers must follow the principles outlined in Section 5 about the use of secondary data. Section 5: Use of Secondary Data When using secondary data as defined in the glossary that includes personal data, researchers must:
Section 6: Data Protection and Privacy
Section 7: Children and Vulnerable Individuals Researchers must take special care when conducting research with children and other vulnerable individuals. When conducting a research project with such individuals, researchers must:
RESPONSIBILITIES TO CLIENTS Section 8: Honesty and Transparency
Section 9: Research Quality
RESPONSIBILITIES TO THE PUBLIC Section 10: Research for Public Release
RESPONSIBILITIES TO THE PROFESSION Section 11: Professional Responsibilities
ENFORCEMENT Enforcement of the Code is the responsibility of the Insights Association Standards Committee (the “Committee”). Investigations into a Code violation may come as a result of a complaint that is filed or for any other reason deemed appropriate by the Insights Association. Investigations will include direct contact with the member involved in a Code violation complaint. Investigations that find a failure to abide by this Code may result in sanctions ranging from the issuance of a private written warning to public expulsion from the Insights Association. Compliance and enforcement deliberations are confidential and will not be disclosed to anyone other than those needing access to the information to enable them to formulate expert opinions. Filing a Complaint Any person, company, or organization affected by an alleged violation of the Code may file a complaint. Should the Committee be aware of circumstances where the risk of reputational damage to the profession warrants, the Committee may initiate its own investigation. The identity of anyone filing a complaint will be kept anonymous throughout the enforcement process. Complaints against a member may also be filed by contacting the Insights Association at [email protected] or (202) 800-2545. Complaints must include the following information:
Enforcement Process On receipt of a complaint, the Insights Association CEO or designee, after consultation with the Committee chair, will examine possible Code violations to establish or confirm the facts and circumstances of the complaint, including involving the alleged violator(s). If the CEO determines there is merit to the complaint, it will be assigned to the Standards Committee for further review. If the Committee determines that a breach may have occurred, the alleged violator is provided with a written description of the complaint including supporting documentation, naming the Code provisions allegedly violated, and the name of the complainant (unless anonymity was requested by the complainant).. The Committee may notify company leadership of any allegations regarding Code violations by employees. Company leadership may participate in the enforcement process and designate a contact with the knowledge and authority to represent the company. A complete complaint will be adjudicated, resulting in outcomes ranging from dismissal to sanction to request for remedial action to prevent recurrence. The Committee will allow the violator to respond, to which the Committee will reply. The Committee’s decision may be appealed to the Insights Association Board of Directors. Costs incurred in defense of an alleged violation will not be reimbursed. Upon review of a complaint, the Committee will recommend one of the following outcomes: - Take no action : there is either insufficient evidence or no breach of Code - Impose one or more sanctions based on the seriousness of the breach The Committee may impose the following types of sanctions:
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Notification to Authorities Suspected violations of law may be brought to the attention of relevant public authorities and/or enforcement bodies. Further Measures Authorized by the IA Board of Directors In exceptional circumstances, the Committee may request the Board of Directors to authorize further measures it deems necessary. Mobile Adoption & Optimisation - Best Practice Guidance 2023 Developed by the Market Research Society and endorsed by IA Joint guidelines published by ESOMAR and GRBN*: - The ESOMAR/GRBN Online Research Guideline - The ESOMAR/GRBN Guideline on Online Sample Quality - The ESOMAR/GRBN Guideline on Duty of Care - The ESOMAR/GRBN Mobile Research Guideline - The ESOMAR/GRBN Guideline on Children, Young People, and Vulnerable Individuals AAPOR Code of Professional Ethics and Practice EphMRA Code and Guidelines Intellus Worldwide Standards and Guidelines ISO 20252, Market, opinion and social research, including insights and data analytics – Vocabulary and service requirements ISO 27001, Information technology – Security techniques – Information security management systems – Requirements 16 CFR Part 312 - Children’s Online Privacy Protection Rule (COPPA) (FTC) 45 CFR Part 46 - Protection of Human Subjects (Common Rule) (HHS) 20 CFR Part 50 - Protection of Human Subjects (FDA) *The Insights Association is a founding member of GRBN (Global Research Business Network).
What Is Market Research?
The Bottom Line
How to Do Market Research, Types, and Example
Joules Garcia / Investopedia Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data. Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service. Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time. Key Takeaways
Market ResearchHow market research works. Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising. A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended. It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups. Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry. Primary Market Research vs. Secondary Market ResearchMarket research usually consists of a combination of:
Primary Market ResearchPrimary research generally falls into two categories: exploratory and specific research.
Secondary Market ResearchAll market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online. Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector. History of Market ResearchFormal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio. Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented. They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed. Types of Market ResearchFace-to-face interviews. From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads. Market research and surveys were adapted from these early techniques. To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing. Focus GroupsA focus group is a small number of representative consumers chosen to try a product or watch an advertisement. Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether. Phone ResearchThe man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion. Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones. Survey ResearchAs an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point. Online Market ResearchWith people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time. This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition. How to Conduct Market ResearchThe first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns. After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias . The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research. The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features. The results of these changes may eventually be measured in further market research, and the process will begin all over again. Benefits of Market ResearchMarket research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product. Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices. Market research only works when subjects are honest and open to participating. Example of Market ResearchMany companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have. For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires. What Are the Main Types of Market Research?The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers. Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers. What Is Online Market Research?Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product. What Are Paid Market Research Surveys?Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group. What Is a Market Study?A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse. Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world. Britannica Money. “ Market Research .” U.S. Small Business Administration. “ Market Research and Competitive Analysis .”
How to Do Market Research: The Complete GuideLearn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples. Access best-in-class company dataGet trusted first-party funding data, revenue data and firmographics Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry. What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research. Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies. In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success. What is market research?The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth. Why is market research important?By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:
As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits. Types of market research
Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include: 1. Qualitative researchQualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning. 2. Quantitative researchQuantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments. 3. Exploratory researchWhether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas. 4. Descriptive researchAs its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 5. Causal researchCausal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior. 6. Cross-sectional researchCross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment. 7. Longitudinal researchLongitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics. Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods. Primary vs. secondary market researchMarket research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals. Primary market researchPrimary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:
Secondary market researchSecondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies. Here are the main characteristics of secondary market research:
So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach. One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. Market research methods
How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 1. Surveys and questionnairesSurveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size. 2. InterviewsInterviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 3. Focus groupsThe most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience. 4. Observational researchObservational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments. 5. Online research toolsYou and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow. 6. ExperimentsMarket research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes. 7. Content analysisContent analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments. 8. Ethnographic researchEthnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices. How to do market research
Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts. 1. Set clear objectivesWhen you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach. 2. Identify your target audienceNext, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points. The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads. If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly. 3. Choose your research methodsSelecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 4. Use the right market research toolsWhether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:
5. Collect dataThere’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 6. Analyze dataOnce data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable. If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately. 7. Interpret your findingsInterpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making. Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions. 8. Identify opportunities and challengesUse your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress? Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market. 9. Make informed business decisionsMarket research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data. At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 10. Monitor and adaptMarket research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences. Online market research sourcesAs you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:
Market research examplesAt this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions. Example 1: Apple’s iPhone launchApple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry. Example 2: McDonald’s global expansionMcDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets. Example 3: Organic and sustainable farmingThe shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes. Market research templatesYou finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:
Strengthen your business with market researchWhen conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry. Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success. Related Articles
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A magazine for young entrepreneurs The best advice in entrepreneurshipSubscribe for exclusive access, the complete guide to market research: what it is, why you need it, and how to do it. Written by Mary Kate Miller | June 1, 2021 Comments --> Get real-time frameworks, tools, and inspiration to start and build your business. Subscribe here Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it? We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research. What Is Market Research?Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four. “Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more. The Purposes of Market ResearchWhy do market research? It can help you…
What Are the Benefits of Market Research?Strong market research can help your business in many ways. It can…
What Are the Basic Methods of Market Research?The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview. Primary vs. Secondary Market ResearchPrimary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own. This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings. Primary Market ResearchPrimary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk. You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business . Secondary Market ResearchSecondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business. Identify Your Goals and Your AudienceBefore you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research. You can pinpoint your objectives by asking yourself a series of guiding questions:
Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.” How to Do Market ResearchThis guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy. Secondary DataSecondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey. Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries. Find Your Customers OnlineOnce you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.” If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group. Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group. Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.” Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests. When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample. “A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says. Market SurveysMarket surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more. Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience. Who to Include in Market Surveys
Example Questions to Include in Market SurveysWhile the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:
Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:
Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.
Survey ToolsOnline survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey. Competitive AnalysisA competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader. Social Media AnalysisSocial media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning. SEO Analysis and OpportunitiesSEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process. Ready to Kick Your Business Into High Gear?Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle . About Mary Kate MillerMary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago. 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A Deep Dive Into This Evolving Industry FREE TRAINING FROM LEGIT FOUNDERS Actionable Strategies for Starting & Growing Any Business. Search by keywordGdp up by 0.3% and employment up by 0.2% in the euro area, announcement. Following recommendations for a harmonised European revision policy for national accounts and balance of payments , EU countries are carrying out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation , and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data are expected to be released by Eurostat between June and October 2024, and will be progressively integrated in European estimates. The impact of these revisions is expected to be limited, but still noticeable for some European aggregates and more pronounced for certain Member States. For further details, please consult the available documentation on Eurostat’s website . GDP growth in the euro area and EUIn the second quarter of 2024, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU , compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union . In the first quarter of 2024, GDP had also grown by 0.3% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.6% in the EU in the previous quarter. During the second quarter of 2024, GDP in the United States increased by 0.7% compared to the previous quarter (after +0.4% in the first quarter of 2024 ). Compared with the same quarter of the previous year, GDP increased by 3.1% (after +2.9% in the previous quarter). Employment growth in the euro area and EUThe number of employed persons increased by 0.2% in both the euro area and the EU in the second quarter of 2024, compared with the previous quarter. In the first quarter of 2024, employment had grown by 0.3% in both zones. Compared with the same quarter of the previous year, employment increased by 0.8% in the euro area and by 0.7% in the EU in the second quarter of 2024, after +1.0% in the euro area and +0.9% in the EU in the first quarter of 2024 . These data provide a picture of labour input consistent with the output and income measures of national accounts.
Notes for usersThe reliability of GDP and employment flash estimates was tested by dedicated working groups and revisions of subsequent estimates are continuously monitored. Further information can be found on Eurostat website . With these flash estimates, euro area and EU employment and GDP figures for earlier quarters are not revised. The flash GDP estimates of the second quarter 2024 are based on Member States’ data covering 99% of the EA and the EU GDP, while flash employment estimates are based on Member States’ data covering 96% of the EA and 93% of the EU total employment. A preliminary flash estimate of GDP growth was published in the News Release issued on 30 July 2024. This was based on GDP estimates for eighteen Member States. The EA and EU estimates for the last quarter were revised as presented in the following table:
All figures presented in this release may be revised with Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 6 September 2024 and 18 October 2024, which will reflect the impact of countries’ benchmark revisions as available. Release scheduleComprehensive estimates of European main aggregates (including GDP and employment) are based on countries regular transmissions and published around 65 and 110 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). Their compilation is based on estimates provided by EU Member States on a voluntary basis. This news release presents flash estimates for euro area and EU GDP and employment growth after around 45 days. Methods and definitionsEuropean quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators of GDP and employment. Gross domestic product (GDP) at market prices measures the production activity of resident production units. Growth rates are based on chain-linked volumes. Employment covers employees and self-employed working in resident production units (domestic concept). While employment flash estimates are limited to total employment in persons, regular estimates also cover hours worked and industry breakdowns. The method used for compilation of European GDP and employment estimates is the same as for previous releases. Geographical informationEuro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden. For more informationWebsite section on national accounts , notably information on European GDP and employment estimates Database section on national accounts and metadata on quarterly national accounts Statistics Explained articles on measuring quarterly GDP and presentation of updated quarterly estimates Country specific metadata Country specific metadata on the recording of Ukrainian refugees in main aggregates of national accounts European System of Accounts 2010 Euro indicators dashboard Release calendar for Euro indicators European Statistics Code of Practice Get in touchMedia requests Eurostat Media Support Phone: (+352) 4301 33 408 E-mail: [email protected] Further information on data Thierry COURTEL (GDP) E-mail: [email protected] Véronique DENEUVILLE (Employment) Share the release
Embracing Gen AI at Work
The skills you need to succeed in the era of large language models Today artificial intelligence can be harnessed by nearly anyone, using commands in everyday language instead of code. Soon it will transform more than 40% of all work activity, according to the authors’ research. In this new era of collaboration between humans and machines, the ability to leverage AI effectively will be critical to your professional success. This article describes the three kinds of “fusion skills” you need to get the best results from gen AI. Intelligent interrogation involves instructing large language models to perform in ways that generate better outcomes—by, say, breaking processes down into steps or visualizing multiple potential paths to a solution. Judgment integration is about incorporating expert and ethical human discernment to make AI’s output more trustworthy, reliable, and accurate. It entails augmenting a model’s training sources with authoritative knowledge bases when necessary, keeping biases out of prompts, ensuring the privacy of any data used by the models, and scrutinizing suspect output. With reciprocal apprenticing, you tailor gen AI to your company’s specific business context by including rich organizational data and know-how into the commands you give it. As you become better at doing that, you yourself learn how to train the AI to tackle more-sophisticated challenges. The AI revolution is already here. Learning these three skills will prepare you to thrive in it. Generative artificial intelligence is expected to radically transform all kinds of jobs over the next few years. No longer the exclusive purview of technologists, AI can now be put to work by nearly anyone, using commands in everyday language instead of code. According to our research, most business functions and more than 40% of all U.S. work activity can be augmented, automated, or reinvented with gen AI. The changes are expected to have the largest impact on the legal, banking, insurance, and capital-market sectors—followed by retail, travel, health, and energy.
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Find your applicable purpose code without breaking a sweat. Your essential guide to finding the right purpose code. Find your applicable purpose code without breaking a sweat. ... Advertising, trade fair, market research and public opinion polling services: This code is used when exporters receive a payment from a foreign client for providing ...
The purpose of this document is to provide DoD and other federal personnel involved in the ... Federal statutes found in the United States Code (U.S.C.)—41 U.S.C. 253a(a)(1), 41 U.S.C. 264b, ... Market research plays a key role in the requirements determination and definition process.
10.000 Scope of part. This part prescribes policies and procedures for conducting market research to arrive at the most suitable approach to acquiring, distributing, and supporting supplies and services. This part implements the requirements of 41 U.S.C. 3306 (a) (1), 41 U.S.C. 3307, 10 U.S.C. 3453 , and 6 U.S.C. 796.
2.13. research and development 2.14. technical and trade-related services 2.15. professional and management consulting services 2.16. personal, cultural and recreational services 2.17. government services 2.18. refunds relating to services 3. primary income 3.1. compensation of employees 3.2. investment income 3.3. interest income 3.4. other ...
Market Research As a Service delivers meaningful market data to federal, state, and local agencies for free. Through FAR Part 10 compliant Requests for Information, sources sought, industry days, and advanced product research, MRAS collects data to help customers understand where their need fits within the GSA government-wide marketplace.
PURPOSE CODES FOR SWIFT CROSS BORDER PAYMENTS INS Insurance Services Provision of various types of insurance to/from non-residents and reinsurance regarding goods, life, insurance, travel, reimbursement. ... market research and public opinion polling services. PURPOSE CODES FOR SWIFT CROSS BORDER PAYMENTS TTS Technical, trade-related and other
This Code will be reviewed annually by the Insights Association Standards Committee. This Code sets the standards of professional and ethical conduct for all Insights Association members and the research and data analytics industry and profession. In the event of a conflict between this Code and applicable law, the more restrictive standard ...
Code. Purpose. Explanatory Notes. I. pts & PaymentsGDEGoods sold (Exports in fob value)Recording of goods between residents and nonresidents related to internation. trade such as exports regardless the settlement type.As goods there are also considered ships, airplanes, army equipment, natural reso.
Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to ...
10.001 Policy. (a) Agencies shall —. (1) Ensure that legitimate needs are identified and trade-offs evaluated to acquire items that meet those needs; (2) Conduct market research appropriate to the circumstances-. (i) Before developing new requirements documents for an acquisition by that agency; (ii) Before soliciting offers for ...
The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth. ...
Purpose Group Name Purpose Code Description 2 Transport P0201 Receipts of surplus freight/passenger fare by Indian shipping companies operating abroad ... P1016 Market research and public opinion polling service P1017 Publishing and printing services P1018 Mining services like on-site processing services analysis of ores ...
Xflow Supported Purpose Codes. October 2022. Following are the purpose codes supported by Xflow - P0102 - Realisation of export bills (in respect of goods) ... P1007 - Advertising, trade fair, market research and public opinion polling services. P1008 - Research & Development services. P1009 - Architectural, engineering and other technical ...
The Code is based on these key fundamentals: Market researchers shall conform to all relevant national and international laws. Market researchers shall behave ethically and shall not do anything which might damage the reputation of market research. Market researchers shall take special care when carrying out research among children and young ...
Competitive analysis helps you make your business unique. Combine them to find a competitive advantage for your small business. Content. Use market research to find customers. Market research blends consumer behavior and economic trends to confirm and improve your business idea. It's crucial to understand your consumer base from the outset.
P0008. Foreign Direct Investment made by overseas Investors in India in real estate. Already Existing. P0001. Repatriation of Indian Portfolio investment abroad in equity capital (shares) Already Existing. P0002. Repatriation of Indian Portfolio investment abroad in debt instruments. Already Existing.
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PSC April 2024.xlsx: 540.25 KB : May 7, 2024 : PSC Manual April 2024.pdf: 976.42 KB : May 7, 2024 : PSC Manual April 2024.docx
A purpose code is a specific alphanumeric code assigned to transactions, indicating the nature and purpose of the fund transfer. Exporters must use the applicable purpose code both when receiving inward remittances and making international payments. By assigning a purpose code to a transaction, exporters clarify the intended use of the funds ...
Purpose Code Finder Find The Purpose Code For Your International Transaction. Enter keyword to search for purpose codes ... Advertising, trade fair, market research and public opinion polling Service: Business Services: S1008: Research & Development services: Business Services: S1009:
There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four. "Virtually every business can benefit from conducting some market research," says Niles Koenigsberg of Real FiG Advertising + Marketing.
Announcement Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries are carrying out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological ...
No longer the exclusive purview of technologists, AI can now be put to work by nearly anyone, using commands in everyday language instead of code. According to our research, most business ...