• 

Marketing Research

Abstract

The Marketing Research is the systematic collection, analysis, and interpretation of data pertaining to the marketing conditions.

What is Market Research

Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer. This practice allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product. Market research may be conducted by the company itself or by a third-party company that specializes in the market research field. It can be done through surveys, product
testing and focus groups. Test subjects are usually compensated with product samples and/or paid a small stipende for their time.

There are two main types of market research that businesses conduct to collect the most actionable information on their products: primary research and secondary research.

• Primary research is the pursuit of firsthand information on your market and its customers. You can use focus groups, online surveys, phone interviews, and more to gather fresh details on the challenges your buyers face and the brand awareness behind your company. Primary research is useful when segmenting your market and establishing your buyer personas.
• Secondary research is all the data and public records you have at your disposal to draw conclusions from. This includes trend reports, market statistics, industry content, and sales data you already have on your business. Secondary research is particularly useful for analyzing your competitors.