Market Research
Market research is the process of gathering information about the buyers, target audience, and customers of a business to determine how successful its products or services would be among these people. Market research tells the businesses what is trending in their industry, what their target audience and customers want and need out of their products and services, and what is influencing their decisions to convert and buy. Market research also allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the products or services.
Note: There are two types of market research: primary research and secondary research.
Primary market research involves collecting data from consumers such as conducting surveys or focus groups. The research should be targeted and is time-consuming and expensive.
Secondary market research involves using data that has already been collected such as statistics or market research reports. Therefore, sometimes, you can not find the exact type of information you want from secondary sources.