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What Is Market Research and Why Does It Matter?

Market research is the act of gathering and analyzing data about the position of a product or service in a market. It looks at information regarding current customer interest and potential growth.

The market analysis also gathers information about the people who are and might be interested in a product or service. It interprets data as they relate to customer spending habits, geographic locations, industry competitors, and economic conditions.

These insights help you find out: