Market research can be conducted on a variety of goods, services, and businesses across an endless variety of fields. This article will take a look at some examples of market research to give you a better idea of what it is.
Market research is an organized effort to gather info on customers and competition. It may be conducted to understand where stocks are sitting, what demographic to target, or what the #1 company in a particular industry is doing to stay on top.
Market research is often done by businesses looking for potential growth opportunities, knowledge on existing products, and competition.A growing business may be looking for a revolutionary new service or product to get them to the top of the competition, for instance.
Market research can also be done by individuals and personal use. For example, if you want to become a freelance copywriter, you will likely find yourself doing online research to find what the best freelancing platforms are. Or, maybe you just need a new work laptop and are Googling what’s best new laptops are available.
Market research can be done quantitatively or qualitatively. It’s not always fun, but without it, you can end up wasting even more time and resources.