What is Market Research?
Market Research comprises systematic, objective collection and analysis of data relevant to ones target market, competition or environment. It invariably incorporates data collection either Primary Research, this being data derived first hand directly from a respondent or Secondary Research, sometimes called desk research, where information is sourced from a variety of repositories, for example the Office of National Statistics – nowadays secondary research sources are frequently web based.
Market Research is designed to provide an increased understanding of the subject matter being studied, commonly called insight. Increasing competition in all markets coupled with the high costs associated with product launches or corporate re-branding means effective market research is now a priority for most savvy organisations, whatever their size.