Market Research: Definition, Methods, Types and Examples

Market Research

Market research is defined as the process of evaluating the feasibility of a new product or service through research conducted directly with potential consumers.

This method allows an organization or enterprise to discover its target market, collect and record opinions, and make informed decisions.

Market research can be conducted directly by the organization or company, or it can be outsourced to an agent with expertise in the process.

The process of market research can be accomplished by deploying surveys, interacting with a group of people also known as samples, conducting interviews and other similar processes.

The main purpose of market research is to understand or examine the market related to a particular product or service in order to determine the audience’s response to the product or service.

The information obtained from conducting market research can be used to customize marketing/advertising campaigns or to determine consumer functional priority/service requirements (if any).

Types of Market Research: Market Research Methods and Examples

Whether an organization or a business wants to understand the purchase behavior of consumers, or the possibility that consumers are willing to pay a certain cost for a certain product, market research can help draw meaningful conclusions.

According to the required methods and tools, the types are as follows:

Prev1 of 8

Check Also

7 Best Mobile Marketing Automation Platforms

The 7 Best Mobile Marketing Automation Platforms of 2021

Choosing a mobile marketing platform to help you automatically participate and provide important analytical insights ... Read more

Leave a Reply

Your email address will not be published. Required fields are marked *