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Before starting or expanding a business, entrepreneurs need to understand the market they are entering. Market research is the process of gathering and analysing information about consumers, competitors, and the market. Effective market research reduces risk and helps businesses make better decisions.
Market research is the process of gathering, analysing, and interpreting information about a market, including information about potential customers and competitors.
| Term | Definition |
|---|---|
| Market research | The collection and analysis of data about a market to inform business decisions |
| Primary research | Data collected first-hand by or for the business (also called field research) |
| Secondary research | Data that already exists and has been collected by someone else (also called desk research) |
| Qualitative data | Non-numerical data that explores opinions, feelings, and reasons (e.g. interview responses) |
| Quantitative data | Numerical data that can be measured and analysed statistically (e.g. survey percentages) |
Market research helps businesses to:
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