What is Market Research?
Market research is a systematic method to gather and collect information about a target audience and the market. Market research is conducted to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.
Market research is an organized process of collecting, analyzing, and interpreting information about the services of a business. The information could be about target customers, the market, competitors, and the respective industry. Market research is the foundation of any successful organization.
Market research refers to the industry and profession that collects and analyzes information about how customers use, interact, consume and experience the product and services. There are many ways you can conduct market research and collect customer data, but you shouldn’t limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observations.