Market research is the process of systematic gathering, recording and analyzing of data about
customers,
competitors and the
market. Market research can help create a
business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the
population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research, companies can learn more about current and potential customers.
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general research of external factors relating to customers and markets.