Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing.
Define your market research objectives
Sources and types of information
Collect, analyse and act on the results
Successful businesses undertake market research on a regular basis to:
identify potential new customers
learn more about existing customers
inform their decisions regarding existing and new products or services
better understand their competitors
test new markets
identify performance, pricing or promotion opportunities
What is Market Research? What is Marketing Research?
