Market research
Market research, also known as “marketing research,” is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and consumer feedback about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third-party company specializing in market research. It can be done through surveys, product testing, and focus groups. Test subjects are usually compensated with product samples or paid a small stipend for their time. Market research is a critical component in the research and development of a new product or service. Market research aims to look at the market associated with a particular good or service to ascertain how the audience will receive it. This can include information gathering for market segmentation and product differentiation, which can be used to tailor advertising efforts or determine which features are seen as a priority to the consumer. Market research is a critical tool in helping companies understand what consumers want, developing products that those consumers will use, and maintaining a competitive advantage over other companies in their industry [Investopedia].
The collection and examination of information about what people buy or might buy and their feelings about what they have bought [Cambridge Dictionary]. Market research is the collection and examination of information about things people buy or might buy and their feelings about things they have bought [Cambridge Online Dictionary].
Market research, also known as "marketing research," is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and consumer feedback about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third-party company specializing in market research. It can be done through surveys, product testing, and focus groups. Test subjects are usually compensated with product samples or paid a small stipend for their time. Market research is a critical component in the research and development (R&D) of a new product or service.
Market research aims to look at the market associated with a particular good or service to ascertain how the audience will receive it. This can include information gathering for market segmentation and product differentiation, which can be used to tailor advertising efforts or determine which features are seen as a priority to the consumer. A business must engage in various tasks to complete the market research process. It needs to gather information based on the market sector being examined. The business needs to analyze and interpret the resulting data to determine the presence of any patterns or relevant data points that it can use in the decision-making process [Investopedia].
Market research. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/market-research
Twin, A. (2022). Researching the Market: How to Conduct Market Research, Types, and Example. Investopedia. Retrieved from: https://www.investopedia.com/terms/m/market-research.asp
Market research. Investopedia. Retrieved from: https://www.investopedia.com/terms/m/market-research.asp