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|Market research is a systematic
attempt to collect data about target markets and customers: learn all
you can about them, beginning with who they are. It is an essential
part of a company's strategy and a key element in sustaining
competitiveness. Market research aids in the identification and
analysis of market requirements, market size, and competition. Its
methods include both qualitative and quantitative approaches, including
focus groups, in-depth interviews, and ethnography, as well as consumer
surveys and secondary data analysis. It is the systematic collecting
and evaluation of information about people or organisations using
statistical and analytical tools and techniques of the applied social
sciences to acquire insight or assist decision-making. It encompasses
social and opinion research. Market research, marketing research, and
marketing are various commercial tasks that are occasionally done
The global expansion of accessible research, both from and through the Internet, has impacted a large number of customers and the businesses from whom they buy. Although developing global markets such as China, Indonesia, and Russia are still smaller in terms of B2B e-commerce than the United States, their internet-fueled growth is aided by product-enhancing websites, visuals, and content aimed at both corporate and consumer/B2C consumers. According to estimates, this media brought in between $400 billion and $600 billion in income in 2010. Even though absolute growth figures increased in North America and Western Europe, according to a study titled "Global B2C E-Commerce and Online Payment Market 2014," overall growth rates decreased. LinkedIn, Facebook, YouTube, and Instagram are the top social media sites utilised by Millennials, according to the UK Market Research Society (MRS).
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