Market research is the systematic process of collecting and analyzing data to determine the viability of a new product or service. This process allows companies to identify their target market, understand consumer needs and preferences, and decide whether to proceed with a new product or service. Market research can be conducted directly by organizations or companies or outsourced to agencies with expertise in this area. It involves deploying surveys, interacting with a group of people known as a sample, conducting interviews, and other similar processes. Organizations use market research to make critical business decisions, such as developing a new product or service, how much to charge for a product, what marketing strategy to use, and whether to expand into new markets. It is also used to understand consumer behavior and track customer satisfaction levels. When introducing a new product or service into the market, businesses do market research to understand or examine the market associated with a particular product or service. The information they obtain will allow them to predict how the audience will react to what they have to offer. Information obtained from

Read more >