Market Research
Definition:Market research is the process of collecting and studying information about what people want to buy, how much they are willing to pay, and how they feel about certain products or services. This information helps businesses understand their customers and improve their offerings.
Usage Instructions: You can use "market research" when talking about business strategies, customer preferences, and product development. It is a noun, so it can be the subject or object of a sentence.
Example: - "The company conducted market research to find out what features customers wanted in their new phone."
Advanced Usage: In business contexts, market research can involve various methods, such as surveys, interviews, focus groups, and analyzing sales data. It often includes different types of research, like qualitative (understanding feelings and opinions) and quantitative (collecting numerical data).
Word Variants: - Market Researcher (noun): A person who conducts market research. - Example: "As a market researcher, she analyzes consumer data to help companies make better decisions."
Different Meanings: - In a broader sense, "market research" can also refer to the study of trends in the economy, competition, and the overall market environment, not just individual products or services.
Synonyms: - Consumer research - Market analysis - Marketing research
Idioms and Phrasal Verbs:While there are no specific idioms or phrasal verbs directly related to "market research," here are some related phrases: - "Get a read on" - This means to understand or gauge something, often used when discussing opinions or preferences. - Example: "We need to get a read on customer satisfaction before launching the new product."