Conducting market research and analysis

Conducting market research and analysis refers to the process of gathering and analyzing information about a particular market to make informed business decisions. This capability involves identifying consumer needs and preferences, evaluating competition, and analyzing industry trends to determine market opportunities and potential risks.

Beginner competence definition

At the beginner level, an individual understands the basic principles of market research and analysis. They can identify and evaluate different sources of data (including primary and secondary research) to gather information about the market. They should also be able to conduct basic data analysis, including descriptive statistics and trends. Additionally, they should be able to use market research to make recommendations for future business decisions.

Intermediate competence definition

Intermediate-level individuals have experience in conducting complex market research and analysis. They should be able to use statistical tools and techniques to analyze data and identify patterns and relationships. They are able to develop and administer surveys and other research instruments to collect data. Additionally, they can use the results of the analysis to make informed business decisions and develop actionable recommendations.

Advanced competence definition

Advanced professionals are experts in market research and analysis. They have experience in using advanced statistical tools and techniques to analyze complex data sets. They can develop custom research solutions to address unique business challenges. Additionally, they provide thought leadership and insights to the business based on their deep knowledge of the market.