Market Research

Market Research is a scientific tool of management. Such research is concerned with the market- or markets- for both capital goods and consumer goods in an ever increasing volume. Extensively practiced in the US since the 1920`s? it started to develop on significant scale in Great Britain by the middle 30`s and has had a considerable upsurge since the Second World War.
Since production becomes more and more intricate as modern methods of distribution grow increasingly complex, market research is called in to give producers clear directives. In simplex days of marketing this was done by accumulated experience, by experiment or by hunch. It has been found, however, that catering for the modern mass market under pressure of competition does not always allow time to gather experience, makes experimenting dangerous and operation by hunch a highly hazardous procedure which might costly failure by misinterpreting the market`s reaction.