3 areas that us mkt research

1. Consumer Profiling: This type of market research is used to uncover consumer characteristics including lifestyle choices, income levels, spending habits, purchasing preferences, and other demographics that can be used to gain a better understanding of what potential customers would be interested in and how to appeal to them most effectively. 2. Competitor Analysis: Competitor analysis involves evaluating competition on the market and using the insights to inform marketing and advertising strategies. This is important for understanding which product attributes competitive brands have and how their products and services can be differentiated from competitors for a competitive advantage. 3. Market Sizing: Market sizing is the process of estimating the total addressable market (TAM) for a specific set of products or services. This helps businesses understand the size of the market and how much potential it has for growth. This can be used to analyze the size of different market segments and prioritize which ones to invest in based on the highest potential for growth.