Understanding Market Research
Understanding Market Research Market research is defined as the process of gathering data or information on goods and services provided by the form to the customers. Marketing research is done to determine whether the product or service given by the firm will satisfy customers. With the help of marketing research the firm can identify current market trends, demographics, economic shifts, customer's buying habits and important information on competition. The firm can utilize this information to understand your target markets and establish a competitive advantage in the marketplace. For market research to be useful, the information must be timely and relevant to the business. It is important to ask the right questions, in the right way, to the right people. Research, done poorly, can steer a business in the wrong direction. If the firm is looking forward to launch a new product of services, following question comes in mind: Does my produc...