Market Research Tutorial: Definition of Market Research
In the big picture, a market research definition is the discipline of acquiring market information to answer marketing questions. Often, the questions to be answered involve the perceptions, thoughts and feelings of customers, potential customers, and/or competitors' customers.
What differentiates market research is its systematic approach to gathering market information. For example, wise restaurateurs often take the pulse of their customers directly, by greeting and chatting and inquiring directly about the customer's experience. Indeed this is a form of "market research."
However, even though the restaurateur is constantly watchful of his customers' experience and can learn much from doing so, he/she may want a more objective evaluation. After all, some customers may be reluctant to tell all to the restaurant owner. So the restaurateur might commission a study to get a richer and more complete picture of who is coming to the establishment, what they like and don't like and, perhaps most importantly, how he might persuade his customers to return more frequently and how he might persuade other people to patronize the restaurant.
Market research is designed to provide definitive answers to such questions. Most frequently, it does so by the use of statistical tools and techniques. As this guide progresses, these tools and techniques will be described in greater detail and depth.
A corollary to a definition of market research is to understand its purpose. Click below to go there.
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