Data and Audience
Market research is the act of determining the viability of a product in the marketplace by conducting research among a product or service’s target audience. For example, a company should never mass produce a purple widget without first determining if the potential market for this widget likes the color purple. Maybe sales could triple if the market research indicated the widget should be green. This research is conducted in a number of ways, both in-house and through third-party organizations, but always involves communication directly with the consumer base.