As per Wikipedia, “Market research is an organized effort to gather information about target markets or customers. Market research is one of the main factors used in maintaining competitiveness over competitors. Market research provides important information which helps to identify and analyze the needs of the market, the market size and the competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
The potential that a product idea has in terms of financial as well social impact may be huge, but nothing concrete can be said until a proper market research is conducted. This theory applies not only for a product to be launched, but also to an existing product in terms of its relevance in the present market. Marketers get a sense of important parameters related to the industry, competitors, customers etc., which is then used to draw meaningful insights and effect key business decisions.
The importance of real-time market research is the key to remain on the forefront of things.
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