What is market research

Market research allows a company to discover who their target market is and what these consumers think about a product or service before it becomes available . Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process . Market research consists of systematically gathering data about people or companies and then analyzing it to better understand what that group of people . This market research definition includes an explanation of specific ways you can use it to improve your small business's profitability. What's your idea of market research? Excellent research enables people in every sphere of life to understand and interpret an increasingly complex world. Definition of marketing research: Scientific discovery methods applied to marketing decision making. It generally comprises of (1) Market research: identification . It is very important to find out what these needs are before a marketing plan is put.

A business conducts market research to help identify gaps in the market and . Get the basics right - our quick guide to the main types of market research and how to get the information you need no matter what your budget.