Market Research

It is an organized effort to gather information about the target markets and customers. It is an important component of business strategy. It is the process of determining the viability of new product through research conducted with potential customers. It gives insight for the target market and get opinions and other feedback from the consumers about their interest in the product or the service. This kind of research is in-housed by the company. It can be done through surveys, product testing and focus group. Market research is used to test the viability of a new product or service. Market research can figure out their target market and get the opinions and feedback from the consumers. Market research includes surveys, product testing and focus groups.