What is typically included in market research?

Market research primarily focuses on gathering data related to consumer preferences, market trends, and competitive analysis. A focus group discussion is a qualitative research method that involves gathering a small group of people to discuss their perceptions, feelings, and attitudes toward a product, service, or concept. This method is valuable because it provides insights into consumer behavior and helps identify patterns that can inform business decisions. The interactive nature of focus groups allows researchers to explore opinions in depth, which is critical for understanding the target market.

In contrast, analyzing internal company metrics, while useful for assessing performance, does not directly contribute to market research as it focuses on internal data rather than external market conditions. Trade union strategies are unrelated to market research since they pertain more to labor relations and organizational behavior, not consumer insights or market analysis. A review of competitors' financial reports, while informative, is also not a core component of market research; it focuses more on financial performance than on understanding the market and consumer needs. Thus, the inclusion of focus group discussions is a key feature of effective market research methodologies.