What is Market Research? | From A Business Professor

Market research is the process of systematically gathering, analyzing, and interpreting data and information about a market, including its consumers, competitors, industry trends, and various factors that impact it. The primary purpose of market research is to gain insights and knowledge that help organizations make informed decisions, develop effective strategies, and identify opportunities or challenges within a specific market or industry. So What are the primary functions of market research? How many steps are involved in the process, and can we find real-world examples to illustrate these concepts? In this video, I will provide answers to these questions and explore the world of market research with you.