What is marketing research? Why is it important?
Market research is a collection of data from the market about various needs of the consumer.
Marketing research is a process for gathering information. Its purpose is to inform a firm about customers' needs and desires, marketing opportunities for products, and changing customer attitudes and purchase patterns.
Market research is important in many ways:
Marketing research is the systematic design, collection and reporting of information from the market to solve problems and discover opportunities.
Marketing research is important as it increases the marketer's ability to respond to customer needs, which leads to improved organizational performance.