market-research

Vocabulary Word

Definition

'Market research' is collecting info about what people want or need. It's like surveying people to know what is popular, what they think about a product or the prices they are willing to pay.

Examples in Different Contexts

In the tech industry, 'market-research' might involve surveying users about desired features in a software application. A product manager could remark, 'Market-research shows that our users prioritize data security over additional functionalities.'

Practice Scenarios

Product

Scenario:

There have been complaints about the complexity of our app's user interface. We should consider how ease of use can be improved.

Response:

True, our market research should include user feedback about our app's interface, which can guide us in improving the user experience.

Startup

Scenario:

As a new entrant to the market, we need to assess who our main competitors are and what consumer needs we can meet.

Response:

Good point. I'll get together a plan for market research that includes competitor analysis and identifying our target market.