Question

What is meant by 'Market Research'?

Answer 1

• The process of collecting, evaluating, and interpreting data about a market, including data on competitors, target consumers, and the industry at large, is known as market research.
• It assists companies in determining what goods and services consumers require, desire, or are currently purchasing.
• It helps businesses understand consumer needs, identify opportunities, and make informed decisions to develop effective strategies and improve products or services.