Market Research

Market research provides a critical evidence base for strategic and tactical decision making. Market research can be primary (created) or secondary (published). Matching product to markets and understanding the changing needs to consumers requires knowledge of many aspects, for example, product characteristics, competitor products, market demand, costs & pricing, logistics and so on.

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All research commences with questions which then break down into further questions to which answers are sought. Answers maybe available from secondary sources or have to be generated by creating primary observations or data. Primary observations can be created through many techniques including consultation (few respondents), surveys (many respondents) or experiments.

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For example, what cruise lines can I attract to my destination? Secondary reasearch into existing cruise line itineraries and destinations may provide some answers. Knowing the nature of destinations a particular cruise line visits then enables matching. Subsequent primary research would include talking to itinerary planners, either directly or at a trade show. Primary research would include surveying passengers for their expectations and satisfaction of a destination.

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CTP is able to undertake many forms of market research.