What Is Market Research? The Definition, The Process, And Why You Need It

 

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What is Marketing Research?

Definition of market research is the process of conducting research on a product or service directly with potential customers. Market research allows a company to discover its target market and take opinions from customers and consumers about their interest in the product or service.

This type of research is conducted either internally or by the company itself or an external company specialized in market research. This type of research is done through surveys and product testing. People who try the product on themselves are usually compensated or paid a small salary for the test.

Market research is one of the most important components of Research and Development (R&D) for a product or service.


Understanding Market Research

Market research includes collecting information and distinguishing products. The purpose of market research is to look at a specific market related to the product or service to make sure how to attract the public and know their desires and requests and the quantities consumed by this market. It is the priority of the market researcher to know the features requested by the consumer and to intensify advertising efforts.

⚡Important: 

Market research is a very important tool that helps a company understand what consumers need, develop the services and products they use, and maintain competition with companies in their industry.

How Market Research Gathers Information?

Market research consists of a set of information, including primary information collected by the company, and secondary information collected by external sources.


Primary Information

Primary information is the data collected by the company or a person who was appointed directly to conduct the research, and it has two types:

  • Exploratory research.
  • Specific search.

Secondary Information

Secondary information is the data collected by external companies, such as demographic information, from government data or research conducted by companies in the same field, and the information was taken from them.



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