market research

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market research

market research organized use of sample surveys, polls , focus groups, and other techniques to study market characteristics (e.g., ages and incomes of consumers; consumer attitudes) and improve the efficiency of sales and distribution. Development of new products, opening of new markets, measurement of advertising effectiveness, and knowledge of business competitors are among its basic aims. Developed in the United States in the early 20th cent., the field expanded rapidly after World War II, spreading to Europe and Japan.

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market research

World Encyclopedia | 2005 | Â© World Encyclopedia 2005, originally published by Oxford University Press 2005. (Hide copyright information) Copyright

market research Study of consumer preferences and demand, for the purpose of increasing the sales of commercial products. It involves the collection, recording and analysis of data derived from testing a product on a representative sample of likely consumers. Interviewing to ascertain popular preferences for products is another method.

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