Definition:
Market research is the method of collecting and analyzing data related to customers, market segments and marketing campaigns. It is an essential part of the analysis and growth process for every business, product or service.
Market research is most commonly conducted during the early phases of starting a new business, but it is also a very useful process if you are launching a new product or service, exploring a new method of advertising, measuring the effectiveness of a new marketing technique, evaluating your competition, identifying potential problems faced by your target market, or measuring client satisfaction.
There are several different methods you can use to conduct market research, including:
- Focus groups
- Surveys
- Interviews
- Observation
- Field trials
Also Known As: Marketing research
Examples:
As part of their market research for a new advertising campaign, Smith Consulting conducted a focus group and individual interviews in their target market.
