how would u define market research?

Answer 1

Market research can be defined as the art and science of collecting data about markets, products, and competitors, and acquiring input and feedback from customers, in the pursuit of designing and improving a business's marketing mix and making better and more informed business decisions. A firm that bases its decisions on market research results is considered a market-oriented one, and in general is more successful than a product-oriented business (which tries to sell what it can produce, rather than produce what it knows it can sell).

Market research can be classified into:
- Field research (also called primary research), which involves collecting first-hand data from customers using interviews, questionnarires, and the like.
- Desk research (also called secondary research), which involves reviewing and analyzing already available data, such as newspaper publications, gov. statistice, previous sales records, business accounts, ... etc.