Marketing research is conducted to collect, record, analyze, and interpret data relative to your business market and product category. Global market research is done with the same purpose; however, the scope of the research is for organizations conducting business on a worldwide scale.
Read this article comparing domestic market research and international market research: The 8 Major Differences Between Domestic and International Market Research
There are many tools available for market researchers online. One of these tools is Google Trends. Please access Google Trends to learn more about how this site works.
Enter the search term “baby formula”. On the results page, make note of the trends in the United States. Select Worldwide. Make note of the trends worldwide.
Another tool is Statista. Access this site and enter the search term “baby formula”. On the results page, make note of the search results categories.
Finally, another free tool is the Google Dataset Search. Access this site and enter the search term “baby formula”. Make note of the type of data available within this tool.
Using what you have learned from these sites, use the following questions to guide your writing:
- Explain the types of information you can find using each marketing research tool.
- Analyze and explain the purpose of using each of the marketing research tools.
- Explain which of these tools you would use to determine where the greatest need for baby formula is. Provide evidence from the tools to defend your position.
- Explain why it is important to utilize more than one tool to determine marketing opportunity for brands?