The finding, creation or consolidation of data or understanding for a
precise goal is generally called research. Consumer research or marketing
research refers to the identification of the inclinations, comportment
and favorite choices of customers in an economy with minimal government
interference (often called market-oriented economy).
Marketing research is also viewed as a statistical science in some circles.
Closely related to marketing research are the following forms of business investigation:
Market research is a more extensive method of study directed on aspects of the business climate. Fields such as competition, trends, new technologies, composition of the market, taxation and other similar aspects are the main targets of study. Occasionally the phrase inaccurately (partially or incompletely) points to the economic examination of businesses. But this is more practical for investment recommendations.
Product research examines the way current produces meet customer needs and the influence newly available technology has on products as well as the development of already existing goods with more advanced technological means.
Advertising research is mainly focused on the publicity saturation of a market sector of interest and tries to predict the effect of a hypothetical promotion campaign.
There are various defined methods of marketing researched although the term refers to all actions directed on intelligence gathering for a specific economical purpose. Among these methods the following are mentioned:
Marketing research often implicates the use of surveys and statistical
studies to evaluate buyer tendency and to predict the location and quantity
that will best suit consumer needs.
Customer research frequently relies on social sciences, i.e. psychology and sociology provide rouged information on circumstances, needs, requests, motivation and other central elements that drive consumers to an end goal.
Applications from the social sciences have already been introduces to modern statistical approaches of measuring the magnitude of markets for a specific produce. These methods make use of computers and statistical algorithms to evaluate and foresee trends in consumer behavior toward specific products.