Market research is "The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face" (source).

June 15, 2025 - Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public.

Share sensitive information only on official, secure websites. ... Market research helps you find customers for your business. Competitive analysis helps you make your business unique.

... Market research involves the systematic collection and analysis of information about customers, competitors, and the overall market to gain insights into consumer needs, preferences, and emerging trends.

1 month ago - 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 ...

September 8, 2025 - Market research is the process of collecting, analyzing, and interpreting data about your target market, competitors, and industry. Market research spans a wide range of topics, uncovering insights on various elements that can impact a business.

As an entrepreneur, conducting market research helps you make better business decisions and avoid costly mistakes. In fact, market research is crucial for your success whether you’re entering a new market, looking for customers or launching a new product.

To run a successful business, it is essential that you know who your customers are, what they need and how to reach them. Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business.

January 19, 2023 - Market research collects information that might help a business to be more successful and spot gaps in the market. One of the aims of market research is to identify and understand the needs of customers relating to price, quality, choice and ...

April 30, 2019 - Market research is the process of collecting, analyzing, and interpreting information about a target market, customers, competitors, and the overall industry environment to guide better business decisions.

Use our ultimate guide to understand ... Market research is the practice of gathering information about the needs and preferences of your target audience – potential consumers of your product....

Market research (or marketing research) is any set of techniques used to gather information and better understand a company’s target market. This might include primary research on brand awareness and customer satisfaction or secondary market research on market size and competitive analysis. Businesses use this information to design better products, improve user experience, and craft a marketing strategy that attracts quality leads and improves conversion rates.

August 19, 2025 - Marketing isn’t static, especially in a crowded and competitive business landscape. Businesses must engage in market research activities consistently to A) add or refine products and services and B) monitor how their target market might be changing. Customer tastes and needs evolve, and external factors such as new technologies, economic developments, and changes in cultural norms can completely shift the market.

January 20, 2025 - Market research is the organized gathering of information about target markets and consumers’ needs and preferences. It’s an important component of business strategy and a major factor in maintaining competitiveness.

Market research is a method that helps companies understand what their target audience wants and needs. It often involves surveying customers or potential buyers to get their opinions about products and services. Market research also allows companies to better understand their competition and ...

April 15, 2025 - After conducting market research, ... research is primarily an external study of the target market and its conditions, helping businesses understand their environment before making strategic decisions....

As you can see, there are a good few ways you can conduct market research – but why do we need it? Well, selling products and services without doing any research is unlikely to lead to success. A business needs to know who their target market is, gather insights on potential customers and audiences, and align their products and services.

November 22, 2024 - Market research is the process of collecting vital information about a company’s target audience, market, and competition. Through market research, companies can understand their target audience better. They can make better products, improve user experience, and design a marketing strategy that attracts quality leads. Here are some reasons for conducting market research: Determine the feasibility of a new business or product

With market research, the business gains a deep understanding of the demographics, preferences, and buying behaviors of its target audience. They’re able to develop targeted marketing strategies that effectively reach and engage the audience, leading to increased brand awareness, customer acquisition, and revenue growth. The same is true for when a business launches a new initiative or campaign.

It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages. For many businesses, market research is a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability.