Market Research can be understood as a process of identifying, collecting and analysing information about a specific market or product. The most effective market research will allow a company to fully understand their market and customer base. For example, if a company has a high degree of confidence in a piece of market research they can launch a new product or service with more accurate projections of success.
Market Research can cover consumer behaviour as well as wider trends within a market, considering factors such as general economic trends, technological advances (including disruptive technologies) and regulations set by governments. All of these factors are constantly influencing and shaping individual markets and thus up to date market research is vital in helping to inform critical business decisions.
At GSM London we have a number of resources that can help you analyse a market.