Definition of market research

A very broad definition of market research is: "The systematic gathering, recording, analyzing, and use of data relating to the transfer and sale of goods and services from producer to consumer." In reality, market research is being carried out relating to many more subjects. It does not always have to deal with a problem with needs solving. Of course such problem solving can be required, e.g. when a certain product is in poor demand. This can lead to a market research project which analyses where the problem lies. The same goes for producers wanting to improve their products. Another example, without a problem, is a study to identify the need for a new product. When a producer wants to introduce a new product, it would be wise to first carry out market research to find out whether or not the product needs to be adapted to the needs of potential buyers. Market research is a very broad concept.