Market Research refers to any effort to gather information about markets or customers. Market Research is more necessary today than ever before because of the increased complexity of the business environment. At the level of specific industries or firms, whenever there is increased uncertainty the need for market research becomes more acute. That is, whenever markets change character, or economic conditions fluctuate, or competition intensifies, or technology evolves rapidly, the payoff from doing effective market research can be substantial.
Beginning in the 1980s, the kinds of firms that invest heavily in market research and the kinds of people who get involved in market research began to change. Prior to that point, mainstream packaged goods companies were the major practitioners of market Research, and the number of people who get involved in market research began to change. Market research projects involve efforts sharply bounded in space and time and expressly linked to some project such as development of a new product. These studies have a clear beginning and end, and their cost is assigned to an individual project budget. Virtually all of the techniques whose names are common knowledge among businesspeople
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