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market research
Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that ''marketing'' research is concerned specifically about marketing processes, while ''market'' research is concerned specifically with markets.
Market research is a key factor in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.〔Mittal, Vikas, Qualitative Research for Customer-Focused Insights (November 1, 2015). Available at SSRN: http://ssrn.com/abstract=2682846〕
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.〔ICC/ESOMAR (2008), ''International Code on Market and Social Research''. ICC/ESOMAR Amsterdam, the Netherlands, 4th ed. http://www.esomar.org/uploads/pdf/professional-standards/ICCESOMAR_Code_English_.pdf〕
== History ==
Market research began to be conceptualized and put into formal practice during the 1920s, as an offshoot of the advertising boom of the Golden Age of radio in the United States. Advertisers began to realize the significance of demographics revealed by sponsorship of different radio programs.
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