What is Market Research?
Why do some organisations invest heavily and spend a disproportionate amount of their time in analysing their markets, their businesses and their consumers, while others prefer to rely on their foresight and intuition ? The difference lies in the approach.
Market Research is the medium through which consumers communicate with companies. It is a study of consumer groups and business competition used to define a projected market and involves the process of gathering, analyzing and interpreting information about a market; about a product or service to be offered for sale in that market; and about the past, present and potential customers for the product or service. Surveys of the area in which a product or service is to be offered, are done to determine the cost of doing business, any competition, potential sales, etc.
Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will or does purchase a product, based on age, gender, location, income level...