Definition

Market research is the process of analyzing, interpreting, and gathering information about a specific market, target audience, or industry to gain insights into customer preferences, behaviors, and trends.

Purpose

The main purpose of market research is to help businesses make informed decisions by providing relevant data and analysis. It helps them identify opportunities, challenges, and gaps in the market, as well as understand their competitors and target audience better.

Types of Market Research

Market research can be categorized into two main types:

• Primary Research: This involves collecting data firsthand through surveys, interviews, focus groups, or observations.
• Secondary Research: This involves gathering existing data from sources such as reports, articles, and databases.

Methods

Market research can be conducted using various methods, including:

• Quantitative Research: Using numerical data to measure market trends, customer preferences, and behaviors.
• Qualitative Research: Using non-numerical data to gain insights into consumer motivations, attitudes, and perceptions.

Benefits

Market research helps businesses:

• Identify new market opportunities
• Understand customer needs and preferences
• Improve products or services
• Make informed business decisions
• Stay ahead of competitors