Market Research and Analysis – Lesson Summary
Lesson Summary
The key contents covered in the module are the following:
- Market sizing estimates a particular product or service’s total addressable market (TAM). It provides valuable insights into the size and scope of a potential customer base.
- Market segmentation can be carried out using various criteria, such as demographics, psychographics, geographics, or behaviours.
- Market research helps organisations understand their target audience, evaluate market potential, identify opportunities, and minimise risks.
- The most common primary research methods are surveys, interviews and focus groups.
- Documentation of sources helps maintain the integrity of the research and as a reference for future use.
- Total Addressable Market (TAM) refers to the total market demand for a specific product or service within a given industry or market. Two of the most used TAM estimation approaches are top-down and bottom-up approaches.
- Serviceable Available Market (SAM) is the specific segment of the TAM where a business can realistically sell its products or services based on its resources, capabilities, and market positioning.
- Share of Market(SOM) is a key metric to measure a company’s market penetration and relative position within a specific market segment.
- GDP growth, inflation rates, disposable income, and employment levels impact consumer purchasing power.
- Assessing market saturation helps identify opportunities for expansion into untapped segments or geographical regions.
- SWOT analysis and Porter’s Five Forces are widely used competitor analysis frameworks.
- It is essential to obtain consent from individuals whose data is being collected. Transparency throughout the data collection process helps maintain trust and uphold ethical practices.
- Software tools significantly reduce the time and effort required to gather and analyse market data. However, seeking recommendations or reviews from trusted sources is necessary before selecting a market sizing tool.
383 Comments
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Documentation of sources helps maintain the integrity of the research and as a reference for future use
Thanks to FG ALAT.
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Why can’t I type my answers and I am failing
The network is very bad
How do i save my progress, after writing aasessment i discover if i check the second day it will not be there but prompt to take the assessment again?
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please the assessment parts are not accessible. its difficult to choose answer. most times the question pop up with just one option and even the option you cant click on it to submit. most of my assessment have been tagged as failed.
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Market research helps organisations understand their target audience, evaluate market potential, identify opportunities, and minimise risks.
This very interesting and knowledge based, but the system is very slow, some of the questions were not responding, overall the training is good but widely disrupt by network
very interesting and knowledge based, but the system is very slow, some of the questions were not responding, overall the training is good but widely disrupt by network
Thank you FGN alat
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We are having so much problem accessing the web site please sir find a solution to the problem
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Please I mistakenly pressed finished without taken assessment
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Great lesson but have not seen the complete button please kindly assist
Interesting lessons, but I have a complaint regarding the assessment, it’s 3 question to be answered but am only seeing two questions which would allow you to select and answer and the one out of three, you can’t pick your answer
Commendable
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The lesson is well learned, but the site of assessment has glitches, it automatically submit without the time awarded to the assessment elapsed.
I hope my observations will be considered and repair the site.
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Thank you FGN
But my assessment are not Accessing mostly, I don’t really know where the problems are coming, and it showing failed 😭
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I found the course to be immensely enjoyable and enriching. The content was carefully curated, offering valuable insights into a variety of perspectives. The combination of engaging presentations and interactive elements significantly deepened my understanding, creating an enlightening and enjoyable learning experience. Kudos to the creators for their dedicated effort in developing such a comprehensive course.
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i cant type in answers for fill in the blank questions. it continues to happen in all quizz have taken so far and thereby allowing me to failed.. This not nice all
i cant type in answers for fill in the blank questions. it continues to happen in all quizz have taken so far and thereby allowing me to failed.. This not nice at all
The lectures and the topic discussed was so interesting.
But yet I have never click complete on any topic I attended before as been instructed
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the whole server is malfunction because most questions features is not showing so due that you must score below 80%
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The content is very informative. the only problem is assessment, please admin work on the assessment section. The question that requires us to enter a text is not accessible. it keeps on selecting the answer for us by default.
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I was unable to access the assessment,moreover lecture went smooth and sound.
The content is informative and very easy to understand, but in the assessment, one of the questions doesn’t have options, just a single answer which you can’t click. Please look into it… It’s affecting our assessment score
great module
Great lecture
Market research and analysis are crucial components of any business strategy.
Market research involves gathering and analyzing information about the target market, including customer preferences, behaviors, and competitor activities. It helps businesses understand the needs and demands of their customers, identify market trends, and make informed decisions.
Market analysis involves interpreting the collected data to derive meaningful insights. This process includes assessing market size, potential opportunities, and potential threats. Analyzing the competitive landscape and industry trends aids in developing effective marketing strategies and making strategic business decisions.
Together, market research and analysis provide businesses with valuable information to optimize their products or services, refine their marketing approaches, and stay competitive in the market.
Thank you
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Market research is an very mportant to develop your market product
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Thank you nigtal alat
We have learned alot
Thanks for the opportunity. Please my assessment is not cropping up i.e it is plank and assessment is showing at the top.
How do i contact the faculty cause there’s a peculiar challenge that i have been facing since the commencement of this programme.
Thank you
We take this
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Interested
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To attempt the assessment is another issue
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Please look into the assessment part. one cannot type in the answer and it automatically grade as failed once the time is up. I have been failed unfairly for other modules because of the same reason. Thanks and I enjoyed the lesson and understand it correctly
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I have really learnt a lot that will go a long way to assist me in my business undertakings.
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Weldone but I can’t access my assessment well and it recorded me failed
Absolutely impressive lecture
Market size is important to consider before going into particular business
please the assessment parts are not accessible. its difficult to choose answer. most times the question pop up with just one option and even the option you cant click on it to submit. most of my assessment have been tagged as fast. Thanks you so much ❤
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👍
Thank you FGN Alat
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Some answers are already fixed in boxes where participant should be able to edit to appropriate answers, but cannot be edited, why? These affect final performances. All these challenges should be attended to.
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As we come to the end of today’s lesson on this courses, may it be benefiting to us.
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Your assessment is having issues, it select answers and submit n fail someone
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Thanks, but some questions doesn’t have option like A B C
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