To run a successful business, you need to understand your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand,how to be competitive among other key insights.
Analyzing information involves examining it in ways that reveal the relationships, patterns, trends, etc. that can be found within it. That may mean subjecting it to statistical operations that can tell you not only what kinds of relationships seem to exist among variables, but also to what level you can trust the answers you’re getting. It may mean comparing your information to that from other groups (a control or comparison group, statewide figures, etc.), to help draw some conclusions from the data. The point, in terms of your evaluation, is to get an accurate assessment in order to better understand your work and its effects on those you’re concerned with, or in order to better understand the overall situation.
Delivering the right products or services at the right cost with strong marketing support will ensure you’re competitive. To stay competitive, you’ll need to keep your offer fresh – that means keeping up with trends in your market, emerging technology and refinements to existing products.