Market Research Definition: The process of gathering, analyzing, and interpreting information about a market or audience.
Market research studies consumer behavior to better understand how they perceive products or services. These insights help businesses identify ways to grow their current offering, create new products or services, and improve brand trust and recognition.
You might also hear market research referred to as market analysis or consumer research.
Traditionally, market research has taken the form of focus groups, surveys, interviews, and even competitor analysis. But with modern analytics and research tools, businesses can now capture deeper insights from a wider variety of sources, including social media, online reviews, and customer interactions. These extra layers of intel can help companies gain a more comprehensive understanding of their audience.