Conducting market research and analysis

Conducting market research and analysis involves creating and implementing strategies to gather and analyze data about market trends, customer preferences, and competitor activity. This capability includes designing and conducting surveys, focus groups, and other research methods, analyzing and interpreting data to identify patterns and insights, and using those insights to inform business decisions and strategies. It also involves promoting a culture of data-driven decision-making and maintaining positive relationships with customers and stakeholders.

Beginner competence definition

At the beginner level, conducting market research and analysis involves understanding the basic principles of market research and the company’s policies and programs related to data analysis. Beginner-level professionals should be able to participate in conducting market research and analysis, communicate effectively with customers and stakeholders, and follow established protocols and procedures related to data analysis.

Intermediate competence definition

At the intermediate level, conducting market research and analysis involves a deeper understanding of market research strategies and their application to the company’s products or services. Intermediate-level professionals should be able to lead efforts to design and conduct surveys, focus groups, and other research methods, analyze and interpret data to identify patterns and insights, and use those insights to inform business decisions and strategies. They should also be able to communicate effectively with customers and stakeholders, and train and coach others on market research and analysis strategies and policies.

Advanced competence definition

At the advanced level, conducting market research and analysis involves a comprehensive understanding of market research strategies and their application in complex, global organizations. Advanced-level professionals should be able to design and implement market research and analysis programs that comply with legal and regulatory requirements, promote customer satisfaction and loyalty, and align with the company’s overall business goals and values. They should also be able to use advanced techniques such as predictive modeling, customer segmentation, and competitive intelligence to identify customer needs, market trends, and competitor activity, and use those insights to inform business decisions and strategies. Advanced-level professionals should also have strong leadership skills, with the ability to inspire and motivate teams to achieve market research and analysis goals and drive continuous improvement throughout the organization.