Learn in the textbookMarketing Fundamentals and Understanding Customers
DefinitionMarket research (市場調査) gathers and analyzes information on customer needs and market trends, so that product and sales decisions rest on evidence.
ExplanationInformation comes either as primary data, which you collect yourself through surveys, interviews, or observation, or as secondary data that already exists, such as government statistics and industry reports. You set the purpose first, then analyze what you gathered and use it as the basis for the plans that follow.
AnalogyIt is like walking around a new neighborhood before opening a shop, checking the ages of the residents and what nearby stores carry.