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The Comparison between Marketing Research and Global Market Research

Marketing research is conducted to collect, record, analyze, and interpret data relative to your business market and product category. Global market research is done with the same purpose; however, the scope of the research is for organizations conducting business on a worldwide scale.Read this article that compares domestic market research and international market research: The 8 Major Differences Between Domestic and International Market Research.There are many tools available for market researchers online, such as the following:Google Trends: Please access Google Trends to learn more about how this site works. Enter the search term baby formula. On the results page, make note of the trends in the United States. Select “Worldwide.” Make note of the trends worldwide.Statista: Access this site, and enter the search term baby formula. On the results page, make note of the search results categories.Google Dataset Search: Access this free site, and enter the search term baby formula. Make note of the type of data available within this tool.Using what you have learned from these sites, use the following questions to guide your writing:Explain the types of information you can find using each marketing research tool.Analyze and explain the purpose of using each of the marketing research tools.Explain which of these tools you would use to determine where the greatest need for baby formula is. Provide evidence from the tools to defend your position.Explain why it is important to utilize more than one tool to determine marketing opportunity for brands

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Marketing research plays a crucial role in understanding market needs and informing business decisions. Here’s how various online tools can be used to assess the baby formula market:

1. Google Trends:

Information: Google Trends reveals search volume trends over time for specific keywords.

Purpose: Analyze consumer interest in baby formula, identify seasonal fluctuations, and compare interest across different regions.

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Analysis: Analyzing “baby formula” on Google Trends:

  • US Trends: Search interest in the US for baby formula appears relatively stable. However, there might be seasonal peaks or dips depending on factors like back-to-school or flu season.
  • Worldwide Trends: Search interest for baby formula shows a more dynamic picture globally. Some regions might experience consistently higher or lower search volumes compared to the US.

2. Statista:

Information: Statista offers a comprehensive database of market reports, statistics, and industry information.

Purpose: Gain in-depth insights into market size, segmentation (organic vs. conventional), growth rates, and key players in the baby formula industry.

Analysis: Searching “baby formula” on Statista provides:

  • Market Size and Segmentation: Global and regional market sizes, categorized by formula type (organic, goat milk, etc.) and distribution channels (online, supermarkets).
  • Key Players: Leading baby formula companies by market share.

3. Google Dataset Search:

Information: Google Dataset Search allows you to discover publicly available datasets related to various topics, including potentially healthcare and demographics.

Purpose: Access detailed data sets on birth rates, demographics (age of mothers), and potential nutritional deficiencies in specific regions.

Analysis: Searching “baby formula” on Google Dataset Search (results might vary depending on data availability):

  • Birth Rates: Birth rate data can be used to estimate potential demand for baby formula in different regions.
  • Demographics: Analyzing age of mothers can help understand market segments (e.g., first-time mothers) with specific needs.
  • Nutritional Deficiencies: Data on nutritional deficiencies in a region might indicate a need for specialized formulas.

Determining Greatest Need:

Based on the tools used:

  • Statista: Can indicate regions with the largest baby formula markets based on size and growth rates.
  • Google Trends: Can reveal areas with consistently high search volume for baby formula.
  • Google Dataset Search: Birth rate data can point to regions with potentially high demand.

Combining Tools: No single tool defines the “greatest need.” Combining data from Statista (market size), Google Trends (consumer interest), and Google Dataset Search (birth rates, demographics) provides a more comprehensive picture.

Importance of Multiple Tools:

Relying solely on one tool can lead to a skewed understanding of the market. Using multiple tools offers a more holistic perspective on:

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