MANAGEMENT

Detailed explanation-1: -What do Starbucks, Apple, McDonald’s, LEGO, Dove, and Zappos all have in common? Well, I’ll tell you. These famous brands all depend on market research. These household names use the data to their advantage to win over their customers and challenge their competitors.

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: -Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research.