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LogoutMarket research is defined as performing direct customer research to determine the viability of a new product or service. This technique allows firms or organizations to identify their target market, collect and document feedback, and make informed decisions.
Market research can be done in-house by organizations or businesses, or it can be outsourced to companies that have experience in the industry.
Distributing surveys, connecting with a sample of people, conducting interviews, and other procedures are all examples of market research.
Typically, a market research project may have three types of goals.
- Administrative: Assist a company’s or business’s growth by ensuring effective planning, management, and control of both people and resources, and thus meeting all particular market needs at the appropriate moment.
- Social: Provide a needed product or service to meet a customer’s individual wants. When a customer consumes a product or service, the product or service should meet their needs and preferences.
- Economical: Determine the economic degree of success or failure a company can have while entering the market or otherwise introducing new products or services, offering clarity to all measures to be taken.