Before thinking of creating a new product or service let us do a market research in order to study the potential gains you may have. Are you sure you are not wasting time your new idea?
Any organized effort to gather information about target markets or customers. It is a very important component of business strategy. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size and competition.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
Link the consumers, customers, and end users to the marketer through information — information we use to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. We can specify the information required to address these issues, designs the method for collecting information, manage and implement the data collection process, analyze the results, and communicate the findings and their implications.