What is Market Research?

What is Market Research?

Wikipedia defines it as “… any organised effort to gather information about target markets or customers. It is a very important component of business strategy.” Such ‘organised effort’ comes in a variety of forms. Many people would be familiar with the typical phone interviews or perhaps surveys that are sent out to customers of a company to complete after using their service.

Market Research is substantially broader than that and perhaps more importantly, it is able to inform business strategy in a myriad of ways that people often aren’t familiar with.

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