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.