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- nounmarket research (noun)
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Market research is defined as the systematic collection, analysis, and interpretation of data about a specific market, industry, or consumer segment1. It involves studying customers, competitors, and market dynamics to identify opportunities, mitigate risks, and make informed business decisions1.
Key components of market research include1:
- Market Segmentation: Identifying and dividing the target market into distinct segments based on demographics, psychographics, behavior, or other relevant characteristics.
- Data Collection: Gathering relevant data from primary and secondary sources. Primary data refers to information collected directly from the target market through surveys, interviews, observations, or experiments. Secondary data involves leveraging existing research, reports, industry databases, or government sources.
- Research Design: Developing a research plan that outlines the objectives, methodology, and timeline for conducting the research.
- Qualitative Research: Utilizing techniques like interviews, focus groups, or observations to gain in-depth insights into consumer attitudes, opinions, motivations, and behaviors.
- Quantitative Research: Employing surveys, questionnaires, or structured data analysis to gather numerical data on a larger scale.
- Competitive Analysis: Assessing competitors’ strategies, strengths, weaknesses, market positioning, and offerings.
- Consumer Behavior Analysis: Examining consumer decision-making processes, buying habits, preferences, and satisfaction levels.
- Market Size and Forecasting: Estimating the total market size, growth potential, and future trends.
Market research provides valuable insights into consumer behavior, preferences, and market trends, helping organizations develop effective marketing strategies, launch new products, and optimize their market positioning1. It is an important component of business strategy and a major factor in maintaining competitiveness3.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.ideascale.com/blog/what-is-market-research/en.wikipedia.org/wiki/Market_researchwww.investopedia.com/terms/m/market-research.aspwww.merriam-webster.com/dictionary/market%20r…www.britannica.com/money/market-researchExplore further
WebMarket research is the process by which companies seek to collect data systematically to make better decisions. Still, its true value lies in the way in which all the data obtained is used to achieve a better knowledge of …
WebJun 1, 2021 · Learn what market research is, why you need it, and how to do it for your business. This guide covers the basics of primary and secondary research, qualitative and quantitative research, and tips for …
WebJan 21, 2021 · Learn what market research is and why it's important for businesses. Explore four types of market research studies: interviews, focus groups, surveys, and secondary data.
WebMar 10, 2021 · Market research definition: Market research means to systematically collect and analyze data about a target market or defined segment. It’s a multivariate process that uncovers key facts and …
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