Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.
Market research is a key factor to get advantage over competitors. Market research provides important information to identify and analyze the market need, market size and competition.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Read more about Market Research: History, Market Research For Business/planning, Market Research For The Film Industry, Synonyms
Famous quotes containing the words market research, market and/or research:
“Today the tyrant rules not by club or fist, but, disguised as a market researcher, he shepherds his flocks in the ways of utility and comfort.”
—Marshall McLuhan (1911–1980)
“... married women work and neglect their children because the duties of the homemaker become so depreciated that women feel compelled to take a job in order to hold the respect of the community. It is one thing if women work, as many of them must, to help support the family. It is quite another thing—it is destructive of woman’s freedom—if society forces her out of the home and into the labor market in order that she may respect herself and gain the respect of others.”
—Agnes E. Meyer (1887–1970)
“Our science has become terrible, our research dangerous, our findings deadly. We physicists have to make peace with reality. Reality is not as strong as we are. We will ruin reality.”
—Friedrich Dürrenmatt (1921–1990)