Market research is any systematic effort to gather data or information about target customers and markets. It is a very important constituent of business strategy. The name is commonly interchanged with marketing research; however, expert professionals may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned particularly with markets. It also provides important information to identify and examine the competition, market size and market need. Market-research techniques encompass both quantitative techniques such as analysis of secondary data and customer surveys as well as qualitative techniques such as focus groups, ethnography and in-depth interviews. Factors that can be considered through market research include Market Information, Market segmentation, Market Trends and SWOT Analysis.
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