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Consumer Research
The process of gathering data on consumer preferences, behaviors, and attitudes to inform product development and marketing strategies.
Implications
The process of gathering and analyzing data about consumer preferences, behaviors, and attitudes, often through surveys, focus groups, and observational studies, used to inform business and marketing strategies.
Example
Example: A retail chain conducts consumer research to understand shopping habits and preferences, leading to the redesign of store layouts and product offerings.
Related Terms
Different from market research, which may include broader industry trends, consumer research specifically focuses on understanding the behavior and preferences of the target consumer.
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