Market Research
The action or activity of gathering information about consumers’ needs and preferences so you can provide just the right product or service. https://getsling.com/blog/business-terms/
Refers to the process of gathering, analyzing, and interpreting information about a particular market or industry. It involves conducting surveys, focus groups, and other types of research to gain insights into consumer behavior, preferences, and needs. Market research helps companies identify potential market opportunities, evaluate the competition, and make informed decisions about product development, pricing, and marketing strategies. It is an essential tool for companies of all sizes and industries to stay competitive and meet the changing demands of their customers.
A business coach might work with a new e-commerce startup looking to expand their product line. The coach might recommend conducting market research to identify trending products in the target market, as well as consumer preferences and purchasing behavior. The research might include surveys, focus groups, and online analytics tools to gather data and insights. With this information, the startup can make informed decisions about which products to offer, how to price them, and how to position their brand in the market. By using market research to guide their strategy, the startup can increase their chances of success and avoid costly missteps.
Market Research DEFINITION:
Market Research QUOTE:
1."Market research - because you can't sell ice to Eskimos without knowing what flavor they like." 2."Market research is like putting on sunscreen before hitting the beach - it protects you from business burns."