What is Market research?
Market research: Gathering data on customers and competitors before deciding.
Where Market research fits
Market research is part of Product Life & Reach in Marketing. Products move through introduction, growth, maturity and decline. Saturation signals slowing growth, so extend with new markets, features or brand extensions.
Practical tip
Manage the portfolio: harvest mature products, invest in the next ones.
Related terms
- Product life cycle
- Stages a product goes through: launch, growth, maturity, decline.
- Word of mouth
- Customers recommending you to others on their own.
- Customer retention
- Keeping existing customers buying from you.
- Market saturation
- When most potential buyers already own the product, limiting growth.
- Product launch
- Introducing a new product to the market.
- Brand extension
- Using a known brand name for a new product.
- Rebranding
- Changing a brand's image or name.
Formulas you will use with it
Test yourself
Which term means: “Gathering data on customers and competitors before deciding.”?
Market research · Customer retention · Brand extension
Answer: Market research
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