Market research – n : the process of systematically investigating the market for a given product or service, gathering and analyzing data regarding the number and location of customers; customers’ interests, preferences, and buying habits; and pricing and price sensitivity of demand. Such data is gathered and analyzed for the purpose of gaining insight about a certain market in order to help a company formulate its marketing strategy. Many firms specialize in performing and selling market research to corporate clients (e.g., Information Resources, Inc., AC Nielsen, International Data Corp. and Gartner Group).

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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