What is Market Research and How it benefits the International Market?
Date: July 22, 2021


What is Market Research?

Market Research is a process conducted with potential customers to get their opinion on a product or service. This helps get answers to questions like why your product or service is not getting the desired response from the audience. This also helps a business understand the potential customers and how the response will be for their product or service.

The market research study is either conducted in-house or by an expert 3rd party market research company. Through the study we cover the market overview, the current and future trends, and segmentation of product/service by type, by application and by region. It also covers the opportunities, constraints which then helps analyse the market growth and plan the market strategies accordingly.

Evolvement of Market Research :

The market research industry has seen quite a growth since it started. Let’s have a quick look.

Primary Research vs. Secondary Research :

Primary Research consists of data collected directly from the target audience. It can be done via calling, online surveys or by providing feedback. This research is usually done when you need to get responses from a target audience. Whereas Secondary research contains a wider spectrum. It consists of research done on potential customers and discovering their reactions to a new product or service. It also segments the market and analysis it in such a way that the results help the market user create market strategies for their market growth.

Benefits of Market Research :


Conclusion:

The blog covers basics of what market research is and how it can benefit business or end users looking to get an audience perspective on their product or service. Thus if you find this effective for strategizing your business growth, you can go ahead and give it a try.