Market research is a process of gathering, analyzing and interpreting information about a product, service or company to be offered for sale in that market.
Research is conducted to know the past, present and potential customers for the product or service, their characteristics, spending habits, location and needs, the industry as a whole and the competitors.
Understanding of industry shifts, changing consumer needs and preferences, and legislative trends and other things can shape where a business chooses to focus its efforts and resources.
Types of Market Research: There are 2 basic types of market research conducted in the market:
Primary Research: Primary data is first-hand information a person or a company gather oneself, or with the help of a third party (market research firm).
Secondary Research: Secondary data is the data which is already existed in the market in the form of public information, such as the data shared in magazines and newspapers, government or industry reports.