Data Collection in Market Research

Data collection in market research involves gathering information about consumers, competitors, and the market to understand trends and preferences. This can be done through various methods, such as surveys, interviews, and observations. Researchers may ask people their opinions, analyze sales data, or study market trends to gain insights. The goal is to collect relevant information that helps businesses make informed decisions, improve products, and identify potential opportunities. Effective data collection ensures that the findings are accurate and can guide strategy in a competitive marketplace.