Market research assesses the viability of a new product or service through collecting and analysing customer data. It allows businesses to gauge customer opinion and demand, identify market trends, and make informed decisions about their business strategy.
There are two main types of market research: primary and secondary. Primary research is conducted firsthand through surveys, interviews, and focus groups. It is usually more expensive and time-consuming than secondary research, but it provides more detailed and accurate data. Secondary research relies on published studies and data, such as government statistics, industry reports, news articles, etc.
Businesses use market research to make various decisions about their business, including product development, marketing strategy, target market selection, etc. Market research is essential for any business looking to succeed in today's competitive marketplace.