Market research is the organized effort to gather information about target markets or customers. It is a crucial component of business strategy. Market research can help you make decisions and guide your business by providing information about the needs of the market, the market size and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Gain insight or support decision making strategically
Market researchis the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods to gain insight or support decision making.
What consumers want, need and believe
Market research is a way of getting an overview of consumers’ wants, needs and beliefs. It can also involve discovering how they act. It is a way that producers can study consumers and gather information about their needs. There are two major types of market research: primary research, which is sub-divided into quantitative and qualitative research, and secondary research.