Definition:
Market research is the activities undertaken by an organization to determine the nature of its customers and competitors, as well as the demand for its products or services along with the features that customers prefer in similar products or services. Market research activities may include customer surveys, business intelligence and test marketing the reaction to a product or service being offered.
When is Market Research Performed?
Market research needs to be conducted before starting a business to understand if a market exists for your product or service. Additionally, market research is conducted throughout the life of the business to evaluate changing conditions, and for the purpose of developing a business plan and/or a marketing plan.
Examples:
Market research shows that more than half of the restaurants in my territory would use my product and that my competition in this area is weak.
