Marketing Research
Gathering and analyzing information about a market to inform how best to offer a product or service to customers. Marketing research is based on the principles of scientific inquiry and should be goal-oriented and systematic. Common methods include focus groups, one-on-one customer interviews, online or telephone customer surveys, and A/B testing different advertising tactics.
Example
Analyzing market trends, consumer behavior, and competitor strategies to optimize business decisions and marketing efforts. Marketing research involves collecting and interpreting data to understand market dynamics, customer preferences, and emerging opportunities.
Through techniques like surveys, interviews, and data analysis, businesses gain insights into consumer needs and market demands. This information guides product development, pricing strategies, and promotional activities to effectively reach target audiences and drive business growth.