Market Research is the process of collecting, analyzing, and interpreting information about consumers, target markets, competitors, or industries. It is used to evaluate the feasibility of a new business, test the demand for new products and features, or boost the success of promotional campaigns. There are two types of Market Research:
- “Primary,” which is conducted in-house by a company using customer surveys, focus groups, and observation;
- “Secondary,” which is based on external sources like government reports and studies, trade or industry-specific journals, magazines, newspapers, radio and TV, academic papers and educational resources, online articles and case studies.