Retailing is mainly directed toward the satisfaction of end-users or shoppers. It is essential, therefore, for retailers to get to know their customers better. Market research is a study on the products, trends, markets, competitors, and the industry as a whole. It is conducted by businesses with the goal of increasing sales and customer satisfaction.
Market research
Market research can be primary (conducting field research) or secondary (using existing information sources). Secondary market research can be biased and untimely yet cheap and easy, while primary market research can be expensive and time-consuming yet current and specific. A good research must discover what people want, need, believe, and how they act. Overall, research is performed to obtain market information, as well as do market segmentation that will be used as the basis for formulating strategies.
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