Market research is the process of gathering and analyzing information to help businesses, governments and researchers identify attitudes towards products, services, people, etc. It helps reduce risk in decision making and is can be referred to as “consumer research”, when it asks questions about the business environment including competitors, economic trends and market structure.
How it’s conducted
Market research is conducted using sample surveys, opinion polling, focus groups and other techniques that measure and study consumer markets. These can be conducted online via online surveys, on smartphones using mobile surveys, by regular telephone, postal mail, and in person.
Who provides it
Companies including advertising agencies, and specialized market research organizations provide market research services. Oftentimes large businesses and government agencies conduct their own market research using their own in-house researchers.
Want to participate in market research?
You can get a real-life taste of market research by becoming a survey taker (aka a panelist of an online survey panel). It’s completely free and is a great way to earn rewards.