Hi, I am doing a buisness project and one of the questions is: ‘Why do people do Market Research and What are they hoping to find out?’ Can you please help me answer this question. Thanks, I really appreciate your help!
Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research or primary market research which is collected direct from a respondent.
The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small.