What is market research?

At its most basic level, market research involves systematically collecting and analysing data to identify target markets, the groups that operate in those markets, or the opinions and behaviours that influence those markets.

The people who work in the industry – market researchers – help companies and other organisations understand their customers and stakeholders, generate business, create strategies, develop their brands and channel their resources in the most efficient way. They find out what people like and don’t like; what they want and don’t want; what they believe; and how they act.

They test the social, commercial or political environment and research competing organisations. And they focus on demographics (different sectors of the population) to determine trends and preferences for a particular age, gender, social or income group. Their clients can use the kind of information gathered to develop target audiences for particular products or services.

Market research plays a key role in decision-making in business, politics and society.

Comments on this article

yunus dega 29 September, 2011

would key rings be a good idea for enterprising business

freddy 12 April, 2012

I want to know about the market research process and the advantage of it

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