What is "market research"?

What is "market research"?

William A. Cohen (Author & Founder, Institute of Leader Arts) gives expert video advice on: What are the steps involved in market research?; What are tips for designing a survey? and more...

Market research is where you do everything that you can to find out what is about the market, what the market wants, what the market will pay, everything you can, there's 10,000 factors you want to find out about this, this is what you're researching the market. My mentor Peter Drucker, the management guru- brilliant guy, he used to say that , "If you've done your marketing right, selling is unnecessary." Now he was exaggerating a little bit , but the basic essence is that if you do marketing correctly, then you know what kind of product your customer wants and you design your product to fill that need. If it's done perfectly, what he was saying, they see it and they buy it. Well, there's more to it than that of course, but the essence isn't bad, and that's why market research is very, very important.