Market Research

Market Research is the collection and analysis of information about the market within which a particular product will compete with other products for an audience and revenue. For example if someone produces a product with the main demographic of teenagers they will do research into other products targeted at this demographic  to see what the competetion is. or if you wanted to open a music shop in a particular part of a Town or city  you will do research into that area and find out if there is any competition and then research into how much of a competition they would be to see if you have a chance of gaining revenue. A disadvantage of this is the researcher interprets the research according to his or her own biased view/opinion.