Market research: GCSE Business Definition

What is market research?

In GCSE Business, market research is the process of finding out information about the market the business targets by collecting, presenting, and analysing information about customers, competitors, and trends.

Market research helps businesses identify products and services they can develop in response to the needs and wants of their customers. It can establish the level of demand for their products and determine the level and nature of competition in the target market. Importantly, effective market research enables businesses to develop the correct marketing mix for their products, reducing the risk of failure.

There are two main types of market research.

Primary market research 

This is the process of gathering information directly from consumers in the target market using field research methods such as surveys, interviews, and focus groups. It gathers information that is new and does not already exist in any format.

Secondary market research

Secondary research involves the collection, compilation and analysis of data that already exists. Sources of secondary research include government reports, online databases, the media, and academic or industry reports.

Market Research Revision Resources to Ace Your Exams

Save My Exams has a great range of resources to explore the topic of market research further. 

Read our GCSE Business revision notes on market research, or test your knowledge of market research in our exam questions to improve your grades. 

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