Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. It is an important component of business strategy and a major factor in maintaining competitiveness
Market research is the process of gathering, analyzing, and interpreting information about:
A market (who your customers are)
A product or service (what people think of it)
Your competition (who else is offering similar stuff)
Overall industry trends (what’s changing or growing)
It helps businesses make smarter decisions—like what to sell, who to sell it to, how to price it, and where to advertise.
Primary Research – Information you collect yourself (e.g. through surveys, interviews, focus groups).
Secondary Research – Data already collected by others (e.g. industry reports, government statistics, articles).
Understand your target audience
Identify market needs and trends
Evaluate competition
Test a new product idea
Reduce business risks
