Rather than gathering information about the market, the target and the competition, the Market Research allows to guide and define the priority decisions to be taken at each stage of the project/brand/product/service. This can be of two types:
But what is the market research for?
To launch a new product or service in the market, to know the profile of the target (sociodemographic data, personality and lifestyle or behavior towards the product/service) and their needs, to understand the strategy used by the competitors, to analyze the suppliers, to size the market, identify new trends and evaluate the performance of products or services.
Thus, Market Research is considered a crucial step, because it will make all the difference between the success or failure of a new product/service in the market!