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What is Market Research?
Home » Advertising & Marketing » Market Research » What is Market Research?Posted by Your Guide on October 16, 2005 3:10 PM
Market research, in a nutshell, is the process of collecting and analyzing data pertinent to sound marketing decision-making. Utilizing a combination of primary and secondary research tools, this type of research collects information about consumers – as well as competitors – and looks for the trends of a market. It seeks to measure the extent and nature of the market as well as its defining characteristics. This leads to better corporate decision making.
Market research is used for a variety of reasons, however finding out what the customer wants lies at the core. While many organizations assume they know how their customers perceive their products, they often miss the mark. Good research enables them to clearly understand and cater to the needs of their consumers.
Market research is also used to determine the viability of new business ventures, test levels of interest in new products, develop new ways to improve customer service and implement strategies to streamline distribution channels. It also looks at what the competition is offering and how well is it received. Market researchers leave no aspect of the business untouched.
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