from The World
by Arlene Soto
Q: How do I obtain and use market research?
A: Market research is defined as systematic gathering of information regarding customers, potential customers and competitors to use in planning for and operating a business. The research can be either primary (direct contact with customers) or secondary (using statistical information from an outside source such as U.S. Census data). According to Wikipedia “Market research began to be conceptualized and put into formal practice during the 1920s, as an offshoot of the advertising boom of the Golden Age of radio in the United States. Advertisers began to realize the significance of demographics revealed by sponsorship of different radio programs.” Market data is increasingly collected through purchases made using the internet or using a retail store rewards card or even the searches done online using social media.