Market research is the process of collecting and analyzing data to understand the market for a particular product or service. This includes gathering information about customer needs, preferences, behaviors, competitor activity, and industry trends.
Market research provides businesses with valuable insights that can help them make informed decisions about product development, pricing, promotion, and distribution. It can also help businesses identify new opportunities, evaluate the potential success of a new product or service, and stay ahead of competitors.
The market research process varies depending on the type of research being conducted. For primary research, methods can include surveys, interviews, focus groups, and experiments. Our market research experts can review existing data sources and analyze the information for secondary research to gain insights.
The cost of market research can vary depending on the scope of the project and the methods used. However, Tangere promotes flexible term agreements that could fit all business sizes, be it small to medium and large enterprises.
Market research can be used to inform marketing decisions by providing actionable insights into customer needs, preferences, and behaviors. This information can be used to develop targeted marketing campaigns, design effective messaging, and optimize product features and pricing.
The frequency of market research depends on the business and industry. Some businesses may conduct market research on an ongoing basis to stay up-to-date on industry trends and consumer preferences. Others may conduct research less frequently, such as when launching a new product or entering a new market.
Examples of market research include conducting customer surveys to gather feedback on a new product, analyzing competitor pricing and positioning, and reviewing industry reports to identify emerging trends.
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