Market Research
Market research is the process of systematically
gathering, recording and analyzing data and
information about customers, competitors and the
market. Its uses include helping to create a
business plan, launch a new product or service, fine
tune existing products and services, and expand into
new markets. Market research can be used to
establish which portion of the population will
purchase a product/service, based on variables like
age, gender, location and income level.
Market research is generally either primary or
secondary. In secondary research, the company uses
information compiled from other sources that appears
pertinent to a new or existing product. Primary
market research involves testing such as focus
groups, surveys, field tests, interviews or
observation, conducted or tailored specifically to
that product.
A list of questions that can be answered through
market research:
 What is happening in the market?
What are the
trends?
Who are the competitors?
How do consumers talk about the products in the
market?
Which needs are important?
Are the needs being
met by current products?
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