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10 Key Facts You Should Know About Market Research

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Market research is the process of gathering and analyzing data about a market, industry, or product to inform business decisions 

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Market research can be conducted through a variety of methods, including surveys, interviews, focus groups, and observation 

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Market research can help businesses identify consumer needs and preferences, evaluate the competition, and develop effective marketing strategies 

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Market research can be used to test product concepts, pricing strategies, and advertising campaigns 

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The global market research industry is valued at over $76 billion and is expected to continue growing in the coming years 

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Market research can be conducted by businesses themselves or by third-party research firms 

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Online surveys are one of the most popular methods of conducting market research, with over 50% of all surveys now being conducted online 

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Qualitative market research methods, such as focus groups and in-depth interviews, are often used to gain a deeper understanding of consumer behavior and attitudes 

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Market research can help businesses identify new opportunities for growth and expansion into new markets 

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