MARKET RESEARCH Meaning and
Definition
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Market research refers to the systematic process of collecting, analyzing, and interpreting relevant information about a specific target market or consumer segment, in order to gain insights into key factors that could influence business decision-making. It involves the gathering and evaluation of data about consumers, competitors, market trends, and the overall industry landscape, with the intention of identifying opportunities, enhancing marketing strategies, and mitigating risks.
The primary objective of market research is to help companies make informed decisions by providing them with valuable and up-to-date information about their target market. It allows organizations to better understand their customers' needs, preferences, and behaviors, enabling them to develop products or services that cater to their demands and maximize customer satisfaction. Market research also aids in identifying gaps in the market and potential areas for growth, facilitating the development of effective marketing campaigns and the implementation of appropriate pricing and distribution strategies.
Methods used in market research include surveys, interviews, focus groups, observations, and analysis of existing data and statistical information. Through these techniques, companies can assess customers' attitudes, opinions, and purchasing habits, as well as identify industry trends, market potential, and competitive strengths and weaknesses. The findings from market research are typically presented in comprehensive reports, including recommendations for business actions based on the analysis of the data collected.
In a competitive business environment, market research serves as a crucial tool for organizations seeking to gain a competitive advantage and achieve long-term success. It helps companies stay relevant and responsive to market dynamics, consumer demands, and emerging trends, ultimately enabling them to make informed decisions and better serve their target audience.
Common Misspellings for MARKET RESEARCH
- narket research
- karket research
- jarket research
- mzrket research
- msrket research
- mwrket research
- mqrket research
- maeket research
- madket research
- mafket research
- matket research
- ma5ket research
- ma4ket research
- marjet research
- marmet research
- marlet research
- maroet research
- mariet research
- markwt research
Etymology of MARKET RESEARCH
The word "market research" originated from the combination of two terms: "market" and "research".
The term "market" has its origins in the late Middle English (1300-1500) word "markat" or "mercat", derived from the Old North French and Medieval Latin word "mercatum" or "mercatus". It refers to a specific place where goods are bought and sold, such as a marketplace or commercial center.
The word "research" comes from the Middle French word "recercher" meaning "to seek, to search closely". It further stems from the Latin word "re" (meaning "again" or "anew") and "circare" (meaning "to go about, wander or traverse"). Thus, "research" implies exploring, investigating, or examining something in a systematic manner.
Similar spelling words for MARKET RESEARCH
- market price,
- market forces,
- market square,
- near-market research,
- market letter,
- market garden,
- market value,
- market cross,
- market keeper,
- marketing research,
- market order.
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