Firstly, let’s define what market research
According to Wikipidea, Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness.
Traditionally, market research encompassed four major disciplines: primary, secondary, quantitative and qualitative. However, as technology and marketing have become sophisticated, many of these types of research and insights have been divided into individual processes that allow for more granular data collection.
These types include:
- Competitive Analysis
- Brand Sentiment
- Customer Decision-Making.
- Customer Segmentation
- Market Messaging
- Product Pricing
- Product Development
This makes market research one of the most important steps before starting a new business in order to make important business decisions, secure investments and funding, determine new business opportunities, and even avoid business failures.
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