Market research

Companies engage in market research prior to launching a new product in order to assess its potential appeal to prospective customers. Market research entails collecting data on the target market and customers with the aim of validating the potential success of the new product, aiding the company's team in refining an existing product, or comprehending brand perception to effectively communicate the company's value proposition. By blending consumer behavior with economic trends, market research serves to validate and enhance business concepts by systematically gathering data to facilitate informed decision-making.

Through market research, a company can define its target market and solicit opinions and feedback from consumers regarding their interest in a product or service. This process enables a more profound and comprehensive understanding of consumer values, which proves invaluable in product development and devising marketing strategies. The following direct research methods can be employed:

*Surveys
*Questionnaires
*Focus groups
*In-depth interviews

Market research encompasses four distinct types:

~Primary research: Involves firsthand data collection.
~Secondary research: Involves gathering existing information or research for analysis.
~Qualitative research: Focuses on exploring opinions, motivations, and attitudes.
~Quantitative research: Focuses on numerical data and statistical analysis.

Market research plays a pivotal role in helping companies become more efficient, cost-effective, and competitive.
Market research