Market Research
🔍 Market Research Fundamentals
Definition, the disciplines it draws on, and what it's used for.
~5 min read
Market research is a structured and organized activity leading to collect, analyze and interpret information — used to understand an existing or new market, identify problems related to the business, identify opportunities that may arise, formulate directions for marketing activities, and evaluate results.
It's a discipline integrating knowledge from many others: mathematics, statistics, computer science, psychology, sociology, and more.
Research runs as a loop: initial assumptions & questions go into RESEARCH, which produces answers & new assumptions & questions. Those feed a second round of RESEARCH, producing better assumptions & questions — and so on.
The point is reducing the risk that we know absolutely nothing, or that we think we know something but actually don't.