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Market research refers to the process of conducting research, gathering and compiling information on the target markets for any given product or service at the behest of the sponsoring organisation or enterprise. The term market here can refer to target audiences/customers or individual customers as well depending upon the particular product or service. The term is often used interchangeably with marketing research. There is however a considerable difference between them in the sense that while marketing research is concerned specifically with the marketing process, market research is concerned specifically with markets. It is an indispensable part of the business strategy of any organization as it is directly responsible for identifying potential markets along with identifying and interpreting prevalent market conditions like market size, market needs and competition. Market research experts conduct extensive research into markets which are usually divided into two stages –Primary research and Secondary research; each stage has its own importance and value. This is followed by market segmentation which is the classification of the population to identify the target audience. Next is analysis of marketing trends and creation of marketing modules to manage their upward and downward movement effectively. Clearly, with so many considerations, factors and nuances coming into play, market research, even at the academic level, is a tough subject to get complete grasp over. Students therefore often opt to get market research assignment help and although there are several online marketing assignment help service providers, very few actually deliver on the boisterous promises made on their websites.
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