IS MARKET RESEARCH A SCIENCE? A SERVICE? AN ART?
The answer is in the eye of the beholder. The truth lies somewhere in the middle. However, one thing is clear: market research helps you understand people, markets, products and brands.
Market research begins with a question. Maybe it is:
- Does your product appeal to your target consumer?
- Does your advertising appeal to them?
- Should you open a shop in a new location?
- Is it time to adjust the price of your product?
Your question informs the type of survey and methodology used to answer your question. Market research helps you avoid risk by forecasting your prospects for success.
The market research industry is undergoing healthy growth. ESOMAR’s Industry Report reports that global market research grew to US$33.5 billion in 2011, a 3.8% increase over the previous year.
We work to support, grow and promote the market research industry. An example is our membership at an international level in ESOMAR and US-based The ARF.