We assess the changes in the business environment to determine the current and future needs and acquire and analyse information in order to understand the market and give the inputs to our clients.Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition.
The action or activity of gathering information about consumers' needs and preferences.
Market research consists of systematically gathering data about people or companies – a market – and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are then used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base.
Types of Market Research
- Primary. Primary data is first-hand information you gather yourself, or with the help of a market research firm. You control it.
- Secondary. Secondary data is pre-existing public information, such as the data shared in magazines and newspapers, government or industry reports. You can analyze the data in new ways, but the information is available to a large number of people.
Market research is any organized effort to gather information about target markets or customers.
The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face