Q:

What is the purpose of market research?

A:

Quick Answer

The purpose of market research is to learn about the desires of a target customer base. Market research includes learning about current problems that a customer base has, as well as their preferred solutions.

Know More
What is the purpose of market research?
Credit: Nichola Stott CC-BY-2.0

Full Answer

There is no one right way of performing market research, but the purpose is always the same. Research is conducted into industry spending habits, leading products and popular companies in order to identify profitable areas for a business to enter a market in. By identifying a target customer group, a company can identify where significant problems exist and make a product to solve those problems. Correct market research can improve the chances of a successful product introduction.

Learn more in Marketing & Sales

Related Questions

  • Q:

    What is a business market?

    A:

    A business market is the specific group or industry a company focuses on when trying to sell products and services. These audiences are often dictated by the kind of materials an organization deals in and the kinds of competition these businesses experience. A business market is also called a target market.

    Full Answer >
    Filed Under:
  • Q:

    What is market segmentation?

    A:

    Market segmentation refers to splitting a target audience into given groups in order to achieve certain goals. People or potential clients are grouped according to similar needs or situations in order to better provide services or products to them.

    Full Answer >
    Filed Under:
  • Q:

    What is a market driver?

    A:

    Market drivers are the underlying forces that compel consumers to purchase products and pay for services. These are trends that make markets develop and grow. The most common market drivers are consumer demand, government policy and demand.

    Full Answer >
    Filed Under:
  • Q:

    What is a target market?

    A:

    A target market is a business' ideal customer base. Having a target market helps a business leader direct marketing funds to the customers most likely to buy from the business.

    Full Answer >
    Filed Under:

Explore