Market research is the systematic collection and analysis of data on the size of a market, consumer behavior and preferences, the extent to which current products meet consumer expectations, and social trends that might impact sales.
Source: Kurian, G. T. The AMA Dictionary of Business Management. AMACOM. 2013. (Read this title in the O'Reilly Learning Platform)
Market research is often conducted when a company is planning on launching a new product or service. Market research can be used to find information on:
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