ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market research, also known as “marketing research, ” is the process of determining the viability of a new service or product through research conducted directly with potential customers.

Detailed explanation-2: -Traditionally, market research encompassed four major disciplines: primary, secondary, quantitative and qualitative. However, as technology and marketing have become sophisticated, we’ve divided many of these types of research and insights into individual processes that allow for more granular data collection.

Detailed explanation-3: -Customer research, also known as consumer research, helps you better market to your customers, increasing retention. The four major types of customer research are primary, secondary, quantitative and qualitative.

Detailed explanation-4: -Market Research is defined as the action or activity of gathering information about consumers’ needs and preferences.