Definition of a Market Survey / Market Research

Market research describes the gathering and analysis of market data, such as consumer preferences, trends in market prices and the presence of competing products. A market survey can describe any study that gathers information directly from consumers by asking them questions about their preferences, habits and experiences. The purpose of a market survey is to provide business managers with insight about their target customers, such as how much money they spend on certain types of products, whether they use competing products and the interest level for new products.

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