Definition: includes scientific research methods used to improve an organization’s marketing decision-making process. These methods usually include a) market research: establishing a specific market for a service or a product and estimating its size and any other crucial aspects, b) product research: determining a customer’s need and establishing how a service or item can satisfy it, and c) consumer research: determining preferences and buying behavioral patterns of potential customers. To gather information that is used for marketing research, companies directly observe their clients, create email or website surveys, and conduct interviews. The primary objective of such research is to find the most efficient manner of locating and satisfying customer needs and wants.
In a Sentence:
Our marketing research shows a high demand for our Ex-7 smartphones. We should send word to manufacturing and increase the production rate of this model.
If the results of our marketing research are accurate, we should easily get ahead of our competition. After all, we have all the resources to make a great product, so we just need to find out what exactly our consumers want.
Synonyms and related words: market research, research methodology, marketing plan, market