What is Market Research?
Market research is a structured process of gathering, analyzing and interpreting data. Data could be provided to the target audience, customers, rivals and the sector as a whole. It’s the basis of any good business. The study does have several distinct purposes–from the identification of a brand new market to the introduction of a new company.
The answer to the question, ‘what is market research’ is that Market research enables entrepreneurs to make an informed choice. This can bring the conjecture out of exploration, and channel resources into thoughts and initiatives that retain the most potential. Market research is carried out by companies at distinct phases of development for distinct purposes.
Simply means, if your study tells you that researchers have lately developed a fresh kind of fabric which helped the person wearing lose weight just by placing it on, for instance, your retail clothing shop might want to modify its purchase plan to test products using such a new fabric. Or if you’ve discovered that customers in your region depend strongly on coupons to make a purchasing decision, you might want to test giving a promotional voucher for your email list.