Market research involves the systematic collection and analysis of data about target markets, competitors, and the business environment. It aims to increase understanding through both secondary research like desk research and primary research by directly collecting data from respondents. With increasingly competitive markets, market research provides valuable insights to help organizations of all sizes make better decisions by understanding customer wants and needs. Effective market research identifies relevant information to formulate marketing policies and campaigns, evaluate strategies, and enable forecasting through statistical analysis and consumer opinions.

1. Market Research Definitions:
1. Marketresearchworld.net
Market Research is a systematic, objective collection and analysis of data about a particular target
market, competition, and/or environment. It always incorporates some form of data collection whether
it be secondary research (often referred to as desk research) or primary research which is collected
direct from a respondent. The purpose of any market research project is to achieve an increased
understanding of the subject matter. With markets throughout the world becoming increasingly more
competitive, market research is now on the agenda of many organisations, whether they be large or
small.
2. http://www.esomar.org/index.php/glossary-m.html
MR, which includes social and opinion research, is the systematic gathering and interpretation of
information about individuals or organisations using the statistical and analytical methods and
techniques of the applied social sciences to gain insight or support decision making. The identity of
respondents will not be revealed to the user of the information without explicit consent and no sales
approach will be made to them as a direct result of their having provided information.
(As defined in the ICC/ESOMAR INTERNATIONAL CODE ON MARKET AND SOCIAL
RESEARCH)
3. Investorword.com
The collection and analysis of information about consumers, market niches, and the effectiveness of
marketing programs.
4. Allbusiness.com
… exploration of the size, characteristics, and potential of a market to find out, before developing any
new product or service, what people want and need. Market research is an early step in marketing-
which stretches from the original conception of a product to its ultimate delivery to the consumer.
5. Marketing How-to
The fundamental purpose of market research is four-fold. Market data is necessary:
• To provide the basic factual information upon which all marketing policies are formulated
• To provide the basic factual information upon which specific marketing campaigns may be built
• To provide the data for the analysis and evaluation of the effectiveness and economy of specific
marketing methods and operations
• To assemble the necessary statistical data and conservative opinion which make market
forecasting possible.
7 Encarta
The study of consumers' wants: the gathering and analysis of information about what people want or
like or what they actually buy
8. Kotler
‘systematic problem analysis, model-building and fact-finding for the purpose of improved decision-
making and control in the marketing of goods and services’.
9. The American Marketing Association (AMA, 1961)
The systematic gathering, recording and analysing of data relating to the marketing of goods and
services.
10 Wikipedia
Market research is the process of systematically gathering, recording and analyzing data and
information about customers, competitors and the market. Its uses include to help create a business
plan, launch a new product or service, fine tune existing products and services, and expand into new
markets. Market research can be used to determine which portion of the population will purchase a
product/service, based on variables like age, gender, location and income level.
SO…. Are there some ‘definitions’ that are better than others? Are their some attributes that
should be added to our ‘list’ of attributes for the construction of or ‘Master’ Defintion???