Market research is the method of obtaining information about customer’s preferences, status, demographics, economic standing etc in a way that is organized and systematic to produce results for analysis and study. Market research is used to determine the berth, width, and depth of a market. In other words, market research is a way to find out how many people are interested in a product or service based on who they are and what they do.
Estimated market requirements, size, and completion all can be determined from statistical analysis of important information gathered from the market research. The analysis of information provides a vital stepping stone for getting a competitive advantage over the completion in the market.
The insight gained from using the statistical and analytical techniques and methods of applied social sciences, give support for decisions that can produce a competitive advantage. A competitive advantage is a golden grail of business and everyone wants it but not everyone will do the required work to get it.
Businesses have recognized the importance of the demographic information given by market research as the advent of widespread communication. Sponsorship of the early radio programs in 1920’s most likely lead to formalized the market research programs nowadays. Consumer Research is a form of applied sociology that focuses on understanding the preferences, attitudes, and behaviors of consumers in a market
Primary Research and secondary research make up the two major types of market research conducted nowadays. Primary Research is divided into two subdivisions which are the qualitative and quantitative research. In the terms of market research, the quantitative method is one where a researcher asks a limited population and particular narrow-based question in hopes of being able to apply the compiled answers mathematically to the overall population in an unbiased way.
The qualitative research asks the broader-based questions of larger populations. The researcher gets narrative answers that are then interpreted for themes that exclusive to the participants. You can also visit here to get more info about marketing research.