Market research is a method used to determine customer needs through the collection and analysis of data gathered from customers, competitors and the market. This type of research involves gathering information about consumer behavior, preferences, needs and trends in order to effectively meet customer requirements. Market research can be conducted in-house or outsourced to third-party companies for more accurate results. In either case, it’s an essential part of any successful business strategy as it provides insight into what consumers want and need from a product or service.
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