What Is Market Research?

Market research, also referred to as marketing research, is valuable for all businesses. Well executed market research offers critical information and findings on customers, competition and market size as well as other valuable information for the specified industry. 

What Is Market Research?

Marketing research is the method of finding, analysing and processing information about an industry, market, product or service. This market research analysis will provide you with information on potential products and services such as market size, potential and existing customers, locations, spending habits and more.

Types of Market Research Data

Market research is a complex task, but in brief it involves two types of data.

Primary Research: This involves finding information to a specific question. Questionnaires or face to face surveys are often used for this type of market research. 

Secondary Research: Is information that is already available to you. This information can be in the form of industry reports, statistic by third parties, website articles or trade publications.

Read our article of Methods of Marketing Research

Why Conduct Market Research

To their detriment some companies avoid market research. Market research done by a knowledgeable and qualified market research company will always provide you with the answers and insight you are looking for.  Market research can help you keep up with market trends, launch successful new products and services and keep you ahead of your competition.

Read our comprehensive guide on why you need to do market research

George Klein and Associates has completed extensive market research studies through a wide range of industries. 

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