What is market research?
Gathering data and information about consumer needs and preferences. provides information about:
- the market itself (size and make-up – i.e. age, gender, income, tastes)
- customer feedback
- promotional methods
- sales data
- competitors
- effect of price on market
Businesses use the information they gather to design new products and modify existing ones. This approach helps to maximise the potential success of products and services.
There are two main types of market research:
- Research conducted by gathering primary or first-hand sources.
- Research conducted by gathering secondary data from previously published sources.