- the gathering and studying of data relating to consumer preferences, purchasing power, etc., esp. prior to introducing a product on the market.[1925-30]
* * *Study of the requirements of specific markets, the acceptability of products, and methods of developing and exploiting new markets.Various strategies are used for market research: past sales may be projected forward; surveys may be made of consumer attitudes and product preferences; and new or altered products may be introduced experimentally into designated test-market areas. Formal market research dates back to the 1920s in Germany and the 1930s in Sweden and France. After World War II, U.S. firms led in the use and refinement of market-research techniques, which spread throughout much of Western Europe and Japan.
* * *▪ businessstudy of the requirements of various markets, the acceptability of products, and methods of developing or exploiting new markets. A variety of techniques is employed, depending on the purpose of the research: salesmen's expectations may be used as a guide to future demand for a product; past sales may be projected forward; surveys may be made of consumer attitudes and product preferences, either generally or in particular regions; and new or altered products may be introduced experimentally into designated test-market areas.Formal market research dates back to the 1920s in Germany and the 1930s in Sweden and France. After World War II, American firms probably led in the use and refinement of market-research techniques, which spread throughout much of western Europe and Japan. Whereas the information obtained through market research in industrialized economies is fairly specific, relating to particular products or individual firms, in less-developed countries more general information is sought.By the 1980s market research was being used in Communist countries in planning the production of consumer goods, particularly as the variety of these goods increased. The Soviet Union had established a Market Research Institute in 1965 to study long-term trends in consumer interests and expenditures.
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