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Market Research is a systematic process of gathering, analyzing, and interpreting information about a specific market or sector. Its origin can be traced back to the 1930s, influenced greatly by Daniel Starch’s work during the 1920s. The concept grew as advertisers recognized the significance of demographic data, and the Gallup Organization pioneered the public opinion poll. Today, it’s a crucial tool for funding research and it emphasizes inclusive research design. Market research uses primary and secondary methods to collect data on various market aspects like segmentation, trends, and brand^[5] perception. It also plays a vital role in international markets, especially with the rise of internet^[3] and social media^[1] platforms. Additionally, it’s applied in various sectors such as business planning, advertising^[2], and the film industry. This process, while indispensable, also raises important ethical and psychological considerations, especially in terms of data collection, user privacy^[4], and workforce well-being.

Terms definitions

1. ↑ social media. Social media is a broad term encompassing a variety of digital tools and platforms that facilitate the sharing of information and the creation of virtual communities. Emerging from early systems like PLATO and ARPANET, it has evolved into modern platforms like Facebook and Twitter. These platforms offer unique features that differentiate them from traditional media, including the ability for users to generate content and engage in dialogic communication. They cater to over 100 million users globally and offer different forms of services, such as messaging apps and collaborative content creation platforms. The use of social media has far-reaching impacts on individuals, society, and businesses, influencing everything from marketing practices to political processes. However, it's also associated with ethical concerns, such as the spread of misinformation and potential addiction.

2. ↑ advertising. Advertising is a form of communication used to inform or persuade an audience, often with the goal of selling a product or service. Its history dates back to ancient civilizations, where Egyptians used papyrus for sales messages, and wall paintings were used in ancient Asia, Africa, and South America for promotional purposes. The medium evolved over time, from print in newspapers to audio-visual and digital mediums, with the rise of mass media and technological advancements. Advertising strategies can vary, aiming to raise awareness or drive sales, and can target different audiences on a local, national, or global scale. Various methods include print, radio, web banners, and television ads, among others. New trends have emerged in the advertising business models, like guerrilla marketing and interactive ads. The role of women in advertising has also been notable, with their insights being valued due to their purchasing power.

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Market research (Wikipedia)

Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.

It includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.

Market research, marketing research, and marketing are a sequence of business activities; sometimes these are handled informally.

The field of marketing research is much older than that of market research. Although both involve consumers, Marketing research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and distribution. Two explanations given for confusing Market research with Marketing research are the similarity of the terms and also that Market Research is a subset of Marketing Research. Further confusion exists because of major companies with expertise and practices in both areas.

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