Assessing the Marketplace, Customers, Competition, and Trends
Research types
Primary research (surveys, interviews, observation, tests) is collected for your question; secondary research (reports, industry data, public filings) already exists. Traps: labeling a purchased industry report as primary, or treating a small convenience sample as generalizable.
Frameworks to know
SWOT (internal strengths/weaknesses vs. external opportunities/threats - a classic trap is putting a competitor's move in "strengths"), PESTLE for macro trends, Porter's Five Forces for industry attractiveness, and competitive positioning maps. Know that Five Forces assesses industry profitability, not a single firm's competitiveness.
Customer insight
Segment by needs and behavior, not just demographics. Jobs-to-be-done and pain/gain analysis reveal why customers buy. Watch for questions that confuse stated preference with revealed behavior - observed behavior is stronger evidence.
Competitive analysis
Track direct, indirect, and substitute competitors. A trap is analyzing only named rivals and missing substitutes or new entrants. Distinguish competitor features from positioning; a feature-parity answer may miss a differentiation opportunity.
Data quality
Ask: source credibility, sample size, recency, and bias. A trend from one quarter is not a trend.
Rule of thumb
Triangulate: no major decision on a single source. If two sources conflict, prefer the one closer to observed behavior and more recent.
Worked example
A survey says 70% want feature X, but usage data shows few use the closest analog. Treat stated preference as weak; validate with a behavioral test before investing.