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5 Pages • Essays / Projects • Year: Pre-2021
Market research (also in some contexts known as industrial research) is any organized effort to gather information about target markets or customers. It is a very important component of business strategy.The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research is one of the key factors used in maintaining competitiveness over competitors and awareness of customer needs otherwise known as the changing basis of competition. Market research provides important information to identify and analyze the market need, market size and 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. Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
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