What is market research?
Gathering data and information about consumer needs and preferences. provides information about:
- the market itself (size and make-up – i.e. age, gender, income, tastes)
- customer feedback
- effectiveness
- promotional methods
- sales data
- competitors
- effect of price on market
Businesses use the information they gather to design new products and modify existing ones. This approach helps to maximise the potential success of products and services.
There are two main types of market research:
- field research, also known as primary research
- desk research, also known as secondary research
