Market Research, Marketing and Customer Analysis
What a candidate must understand
Market research gathers information to reduce uncertainty. Distinguish primary research (collected first-hand: surveys, interviews, observation, focus groups, experiments) from secondary research (existing data: official statistics, industry reports, competitor publications). Know qualitative versus quantitative methods and sampling basics-sample size, representativeness, and bias.
Market segmentation divides a market by demographic, geographic, psychographic and behavioural criteria; targeting selects segments; positioning defines the place the offer occupies in the customer's mind. The marketing mix (product, price, place, promotion-the 4Ps, extended with people, process and physical evidence for services) must be coherent with the chosen positioning.
Customer analysis covers who the buyer is, who influences the purchase, the buying process, willingness to pay, and the difference between customer and consumer. Understand market size (total addressable market, served market, share) and competitor analysis (strengths, weaknesses, pricing, distribution).
Traps in questions
- Confusing market research with marketing; research informs decisions, marketing executes them.
- Assuming a large sample is automatically representative; sampling method matters.
- Treating secondary data as free of bias or as always current.
- Confusing segmentation (dividing the market) with targeting (choosing segments).
Worked example / rule of thumb
A candidate estimates demand for a fitness studio by counting 10,000 residents, assuming 20% would join at 50 BGN/month. That yields 2,000 members and 100,000 BGN monthly-unrealistic. Cross-check with capacity (e.g. 300 members) and competitor occupancy. Rule of thumb: triangulate top-down and bottom-up estimates; if they diverge sharply, the assumption is wrong.