• Market research involves gathering, recording and analysing information about a market.

The information gathered during market research could include:

  • How much the consumer would be willing to pay for the new product or service.
  • What they like or what they do not like about the new product or service.
  • What products or services they consumer currently uses.

The information that is gathered during market research helps a business to improve its product or service to meet consumer needs and wants. This means that the product or service has a good chance of selling well.

There are 2 types of market... (More)