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 social impact projects, 'market-research' might focus on community needs. A nonprofit leader could share, 'Our market-research unveiled a pressing need for clean water access in rural areas.'

Practice Scenarios

Marketing

Scenario:

Our recent ad campaign didn't perform as well as expected. We need data to inform our next moves.

Response:

Great idea. I'll set the team on conducting market research to identify key advertising platforms and audience responses.

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.