What is a market research definition?
Market research is "The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face"
Essentially, it helps you answer some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry?
Market research is "The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face"
Essentially, it helps you answer some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry?