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: