Market research is defined as any organized effort to gather information about target markets or customers. The term is commonly interchanged with marketing research; however, marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research provides important information to identify and analyze the market need, market size and competition.
Market research allows a company, or individuals, to discover who their target market is - and what consumers may think about a product or service before it becomes available, or released, to the general public.
Market research is the process of gathering information which will make you more aware of how the people you hope to sell to will react to your current or potential products or services.
Research you compile yourself or hire someone to gather for you. Primary market research is a great way to gather information about your small business product or service idea. The vast majority of primary market research methods fit into one of these categories:
This type of research is already compiled and organized, such as; reports and studies by government agencies, trade associations or other businesses within your industry.
Secondary market research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on It is normally less time consuming than primary research, and can be less expensive as well as secondary market research exploits existing resources like pamphlets, newsletters, trade publications, company records, magazines, newspapers, surveys, research studies and books and applies the information to answer the question at hand. Secondary market research sources mainly includes: