Market Research

What is Market Research?

Market research is the process of gathering, analyzing, and interpreting information about a market, including data on customers, competitors, and industry trends. The goal of market research is to identify market needs, evaluate potential opportunities, and guide business strategies. It is essential for understanding target markets, refining products, and crafting marketing campaigns.

Types of Market Research

• Primary Research: Collecting new data directly from sources, such as surveys or interviews.
• Secondary Research: Analyzing existing data, such as reports, articles, or industry studies.
• Qualitative Research: Gathering non-numerical data to understand customer opinions and motivations.

Benefits of Market Research

• Informed Decision-Making: Helps businesses make data-driven choices regarding strategy and investments.
• Competitive Analysis: Provides insights into competitors’ strengths and weaknesses.
• Identifying Opportunities: Helps discover unmet market needs or emerging trends.

Related Terms and Concepts

Customer insights, competitive analysis, SWOT analysis, market segmentation.