Market research and analysis

Trusted insights for your toughest business questions. Market Research Reports. Buy by the Section. Subscribe by the Subject. For Students. Research Consulting.

You also have to know your industry and customers inside and out if you want to achieve the highest level of success. To help you gain these insights, there are sites for market research that can offer a deeper look at your business and uncover ways to win over your audience. Market research is the act of gathering and analyzing data about the position of a product or service in a market. It looks at information regarding current customer interest and potential growth. The market analysis also gathers information about the people who are and might be interested in a product or service.

Companies use data to gain information that provides insight for future decisions. It can be an arduous and lengthy process, sometimes confusing even the most seasoned research professional. Case in point: market research vs.

Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture. Market research provides relevant data to help solve marketing challenges that a business will most likely face--an integral part of the business planning process. In fact, strategies such as market segmentation identifying specific groups within a market and product differentiation creating an identity for a product or service that separates it from those of the competitors are impossible to develop without market research. When conducting primary research, you can gather two basic types of information: exploratory or specific.