Market research is the process of collecting and analyzing data about consumers and the market, in order to better understand how they purchase goods and services. This information can be used to improve marketing strategies, product development, and sales techniques.
There are two types of market research: primary and secondary. Primary research is conducted by interviewing customers or conducting surveys. This type of research is typically more expensive and time-consuming than secondary research, but it can provide more insights since it collects data directly from consumers.
Secondary research is conducted by using already published data, such as from magazines, newspapers, or online sources. This type of research is usually less expensive and quicker to conduct than primary research, but it may not be as accurate since it relies on published data that may not be up-to-date or complete.