'Market research' is like looking for what a buncha group of people of people want or like. You can think of it like asking your friends what they want to eat before you order pizza.
'Market research' is collecting infoinformation about what people want or need. It's like surveyingcollecting data people to know what is popular, what they think about a product or the prices they are willing to pay.
'Market research' encompassesincludessystematicmethodical gathering and interpretationexplanation of information about individuals or organizations using statistical and analytical methods to gain insight or support decision making.
Context
Business
In product development, 'market research' helps to understand gapslack and needs of the market. A product manager may state, 'Market research shows there's demandneed for more user-friendly software interfaces which we should consider.'
Also in product development, 'market research' can be used to test new concepts before launchstart. A product manager might say, 'Our market research found that customers are looking for a faster, more streamlinedefficient checkout process.'
In start-upsnew businesses, 'market research' helps define the audience and product fit. A founder might say, 'According to our market research, our app appeals to busy professionalspeople with career looking for convenient meal solutions.'
In a business context, 'market research' often guides strategyplan and decision-making. A CEO might say, 'Our market research indicates customers prefer environmentally friendly packaging. Let's incorporateinclude that into our next product design.'
In marketing, 'market research' reveals consumer preferences and competitive landscapebusiness environment. A marketing manager might comment, 'We've conducted extensivebroad market research and learned our target audience prefers online advertising channels.'
Practice Professional Conversation
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