https://www.makreo.com/blog/what-is-market-research-benefits-types-and-key-takeaways-makreo-research

Category: Business

What is Market Research? _Consumer feedback is gathered through market research in order to find out who the target market is and what they think of the product or service. The research can be conducted in-house, by the company itself, or by a third-party firm specializing in market research. Surveys, product testing, and focus groups can be used. The information gathered during market research is a combination of primary data gathered internally by the company or by an external researcher, and secondary data gathered by an outside source. Benefits of Market Research: _The importance of market research in increasing customer loyalty and satisfaction cannot be overstated. Identifying the key demographics and market segments most likely to consume a product is possible with the help of a strong market research program because no product will appeal to every consumer equally. Additionally, market research is crucial for advertising efforts, product launches, international expansions, understanding consumer behavior, and positioning the company in the market. Additionally, market research is an important way to understand competitors and the competition. Research has proven effective not only at the beginning but also during growth and decline. Its significance is therefore closely linked to the performance of a company or business, technological advances, and economic shifts. Contact Us: – Makreo Research and Consulting | Email- info@makreo.com | Phone No- +91-9619699069