Marketing research is a way for companies to better understand their target audience, the demand and level of interest of their product or service. It is a good way to determine how existing customers as well as potential customers perceive a product or service.

Marketing research not only identifies your current target audience and provides their perception of a product or service, but can also gather information regarding your competitors. “Do not fear competition; rather seek it and learn from it.” Luigi Salvaneschi, “Location, Location, Location: How to Select the Best Site for Your Business.”

There are two types of marketing research designs. The first one is qualitative research which provides an in-depth understanding of customer behavior. Research results are exploratory and include methods such as focus groups, one-on-one interviews and surveys. The second design is quantitative research which provides viewpoints of a population, providing estimates of percentages or averages. This design includes methods such as online, telephone and mail surveys.

The data from the research allows companies to make informed decisions about their product or service.  Research can help determine the most effective methods of marketing and advertising for the company.