Define the objective would be the first step in the market research process.
What is meant by market research ?
The practice of evaluating the viability of a new service or product through study done directly with potential consumers is known as market research, often known as "marketing research." Market research enables a business to identify the target market and obtain customer comments and other input on their interest in the good or service.
This kind of research can be carried out internally, by the business itself, or by an outside market research firm. Surveys, product testing, and focus groups are all viable methods. Typically, test volunteers receive free product samples or a modest stipend in exchange for their time. The creation of a new product or service requires extensive research and development (R&D).
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