Market Research

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Definition of 'Market Research'

Market research is the process of gathering and analyzing information about a target market in order to identify and define the target market, and to create and implement marketing plans that will help achieve the company's marketing objectives.

Market research can be used to identify the needs and wants of potential customers, to determine the best way to reach them, and to assess the competition. It can also be used to track market trends and to measure the effectiveness of marketing campaigns.

There are a number of different methods that can be used to conduct market research, including:

* **Surveys:** Surveys are a popular way to gather information from a target market. Surveys can be conducted online, through the mail, or in person.
* **Focus groups:** Focus groups are a type of qualitative research that involves bringing together a small group of people to discuss a particular topic.
* **Observational research:** Observational research involves watching people in their natural environment to learn about their behavior.
* **Experimental research:** Experimental research involves testing different marketing strategies to see which one is most effective.

The type of market research that is used will depend on the specific needs of the company. However, all market research should be conducted in a systematic and objective manner in order to ensure that the results are accurate and reliable.

Market research is an essential part of the marketing process. By understanding the target market, companies can develop marketing plans that are more likely to be successful.

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