A good working definition of market research in the context of higher education comes from Hanover Research:
"Market research is the process of collecting, analyzing, and interpreting data about your target market, competitors, and industry. Market research spans a wide range of topics, uncovering insights on various elements that can impact a business."
In the context of higher education, Ruffalo Noel Lovitz posits that "Market research allows institutions to understand their current market share and how demographic changes may impact their enrollment in future years. By understanding population and demographic changes, your institution can develop intentional strategies to mitigate the impact of those changes—such as strategies to increase market share in key recruitment areas or to expand into new markets."
Market research gives you both the eagle eye and detail oriented perspective, both nationally and internationally, of a given discipline, career, or trade. It can give future projections and provide innovative solutions and inspire business and higher education professionals to take risks in their field to turn profits and help understand the needs of the current student and general population.
It's critical for many companies and higher education institutions to use market research to determine their ROI's, or Return on Investments. Using good market research strategies will provide the right authority and support needed for new initiatives.
