What Is Market Research?
Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research. It can be done through surveys, product testing, and focus groups.
KEY TAKEAWAYS
Companies use market research to test the viability of a new product or service by communicating directly with a potential customer.
With market research, companies can figure out their target market and get opinions and feedback from consumers in real time.
This type of research can be conducted in-house, by the company itself, or by an outside company that specializes in market research.
What are the four types of market research?
Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
What is an example of market research?
Online Polls and Surveys: Conducting online polls and surveys have become the most widely used type of market research technique to gauge opinions from a target audience.
Three key objectives of market research-
Administrative
Social
Economical
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