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Business

Market Research

Market research is the process of gathering, analysing, and interpreting information about a target market, including customers, competitors, and industry trends. It involves collecting data on consumer preferences, buying habits, demographics, and competitor strategies to inform business decisions and marketing efforts.

For business students, understanding market research is crucial for several reasons:

  • Understanding Customer Needs: Market research helps identify and understand the needs, preferences, and behaviours of target customers. This knowledge is essential for developing products and services that meet customer demands and for tailoring marketing messages that resonate with them.
  • Assessing Market Opportunities: Market research helps identify potential market opportunities, such as untapped customer segments, emerging trends, or gaps in the market that a new product or service could fill.
  • Evaluating Competition: By analysing competitor strategies, strengths, and weaknesses, businesses can identify their competitive advantage and develop strategies to differentiate themselves in the market.
  • Making Informed Decisions: Market research provides valuable data and insights that can inform a wide range of business decisions, from product development and pricing to marketing campaigns and distribution channels.
  • Reducing Risk: By understanding the market landscape and potential risks, businesses can make more informed decisions and minimize the likelihood of costly mistakes.

Where to Find Market Research:

  • Market Research Databases: The library subscribes to specialised databases like Mintel, Marketline and ProQuest One Business, which provide comprehensive market reports, consumer insights, and industry analyses. See the tabs up top for more about these databases.
  • Company Websites and Annual Reports: Many companies publish market research reports and data on their websites or in their annual reports. These can provide valuable insights into specific industries and markets.
  • Government Agencies: Government agencies like the Office for National Statistics (ONS) and the Department for Business and Trade (DBT) publish a wealth of economic and market data that can be useful for market research.
  • Trade Associations: Industry-specific trade associations often conduct and publish market research reports for their members.
 

Mintel: Your Market Research Powerhouse

Mintel is a leading market research database that provides comprehensive insights into consumer behaviour, market trends, and competitive landscapes across various industries. It's a treasure trove of information for business students looking to gain a deeper understanding of their target markets and make data-driven decisions.

What Mintel Contains:

  • Market Reports: In-depth analysis of specific markets, including market size, segmentation, growth forecasts, and key trends.
  • Consumer Insights: Detailed information on consumer attitudes, preferences, and behaviours, obtained through extensive surveys and research.
  • Competitive Analysis: Profiles of key players in various markets, highlighting their strengths, weaknesses, and strategies.
  • Trend Reports: Analysis of emerging trends and their potential impact on businesses and industries.
  • Case Studies: Real-world examples of successful and unsuccessful business strategies, providing valuable lessons for students.

So if you wanted to research, for example, what the most popular soft drinks were, or when the most popular time to eat chocolate was, Mintel can give you the answer!

 

We have a short video below, which will introduce you to the basics of using Mintel. You can also use the Mintel user guide available here - link

 

Marketline: Your Global Business Intelligence Hub

Marketline is a comprehensive online database that provides in-depth analysis and data on companies, industries, and countries worldwide. It's a one-stop shop for business students seeking a holistic understanding of the global business landscape, enabling you to make informed decisions based on reliable data and expert analysis.

What Marketline Contains:

  • Company Profiles: Detailed information on over 60,000 public and private companies worldwide, including financials, SWOT analyses, and strategic insights.
  • Industry Reports: In-depth analysis of over 2,000 industries globally, covering market size, segmentation, trends, and competitive landscapes.
  • Country Profiles: Comprehensive reports on over 200 countries, including PESTLE analyses, economic indicators, and political risk assessments.
  • Financial Deals: Data on mergers and acquisitions, venture capital investments, and IPOs, providing insights into market activity and trends.
  • Case Studies: Real-world examples of successful and unsuccessful business strategies, offering valuable lessons for students.
  • News and Analysis: Up-to-date news and expert commentary on global business developments, helping you stay informed about the latest trends and challenges.

You may want to download the Marketline user guide to give you some direction when you first start using Marketline - link - or watch some of the Marketline guidance videos - link.

We also have a short video showing the basics of using Marketline available to watch below.

 

Statista: Your Gateway to Global Market Data

Statista is a leading provider of market and consumer data, offering a vast collection of statistics and insights across various industries and countries. It's a one-stop shop for business students seeking to understand market trends, consumer behaviour, and competitive landscapes.

What Statista Contains:

  • Market Data: Comprehensive statistics on market sizes, forecasts, and trends across various industries, covering both global and regional markets. This data can help you identify market opportunities, assess growth potential, and understand consumer preferences.
  • Consumer Insights: Detailed information on consumer behaviour, demographics, and opinions, derived from surveys and research studies.
  • Industry Reports: In-depth analysis of specific industries, including market trends, competitive landscapes, and key players. These reports can help you gain a deeper understanding of the industries they are studying or interested in.
  • Company Data: Information on companies' financial performance, market share, and key executives. This can be useful for company research, competitor analysis, or job search preparation.
  • Digital Market Outlook: A comprehensive overview of the digital economy, including e-commerce, digital advertising, and online media consumption. This can help students understand the digital landscape and its impact on businesses.

The video below will give you an initial introduction to using Statista.

ProQuest One Business: Your All-in-One Business Research Solution

ProQuest One Business is a comprehensive database designed to streamline your business research process. It's a one-stop shop for a wide range of business information, providing a wealth of resources for students, researchers, and professionals alike.

What ProQuest One Business Contains:

  • Scholarly Journals: Access to thousands of peer-reviewed academic journals covering all aspects of business, including management, marketing, finance, accounting, and economics.
  • Trade Publications: Stay up-to-date with the latest industry trends and news through a wide selection of trade publications and magazines.
  • Company Reports: In-depth profiles of companies worldwide, including financials, SWOT analyses, and competitor information.
  • Industry Reports: Comprehensive analysis of various industries, providing insights into market size, trends, and competitive landscapes.
  • News Articles: Access to current news from major business publications like The Wall Street Journal, The Economist, and The Financial Times.
  • E-books: A collection of e-books covering a wide range of business topics, from management theory to entrepreneurship.
  • Videos: Educational videos on business topics, including interviews with industry experts and case studies.

 

Bloomberg Terminal: Your Market Research Toolkit for Academic Success

The Bloomberg Terminal isn't just for Wall Street – it's a powerful tool that can empower students like you to conduct in-depth market research and gain a competitive edge in your academic pursuits.

Note: Bloomberg is not available remotely online, but only via the dedicated terminals in the Financial Lab in B118. Students will need to register/create a login directly at the terminals.

Market Research Made Easy with Bloomberg Terminal:

  • Real-time Market Insights: Dive into live price charts and market data for stocks, bonds, currencies, commodities, and more from exchanges around the globe. See market trends unfold in real time, giving you a front-row seat to the world of finance.
  • Company & Industry Deep Dives: Explore detailed financials, analyst forecasts, and valuation metrics for public companies. Uncover industry reports that analyse market landscapes and growth potential, helping you understand the forces shaping different sectors.
  • Economic Data at Your Fingertips: Analyse macroeconomic indicators like GDP growth, inflation rates, and employment figures for different countries. Get a grasp on the economic factors that influence market performance and investment decisions.
  • News and Expert Analysis: Stay informed with up-to-the-minute news and expert commentary from Bloomberg's global network of journalists. Gain valuable context for interpreting market movements and understanding the "why" behind the numbers.
  • Research from Leading Experts: Access a wealth of equity research reports, credit research, and market commentary from top financial institutions. Tap into the insights of professionals who analyse markets day in and day out.

The Bloomberg Terminal helps you:

  • Uncover Market Trends: Identify emerging patterns and trends across various asset classes and industries, giving you a head start on understanding where markets might be headed.
  • Evaluate Investment Potential: Assess the risks and rewards of different investment options, building a foundation for future financial decision-making.
  • Understand Macroeconomic Forces: Grasp how economic factors like interest rates, inflation, and government policies can impact financial markets and investment decisions.
  • Build Real-World Skills: Gain hands-on experience with the same tools used by professionals in the finance industry, giving you a leg up as you embark on your career.

Training:

At the beginning of each semester, the Business School will send out an announcement inviting students to register and complete the Bloomberg Market Concepts (BMC) training. The BMC is an e-course, and students receive interactive training directly from Bloomberg via the terminals. Upon completion, students will receive a certificate from Bloomberg, details of which can be added to CVs as evidence of competence. For modules requiring advanced and specialised usage of the platform, additional training is provided by the respective module leaders and tutors during class time.

The video below will give you an introduction to Bloomberg Terminal.