Marketing Research is the systematic process of collecting, analyzing, and interpreting information objectively and without bias about customers, industries, or products/services in order to better understand the subject matter. Marketing Research is used by managers to make informed decisions about business opportunities.
There are two types of market research:
- Qualitative: This type of research primarily focuses on understanding the information collected. Examples of Qualitative Research include focus groups and interviews.
- Quantitative: This type of research is more focused on the number of respondents. Examples of Quantitative research include surveys and questionnaires.