Market research

• market research

  the systematic collection, analysis, and interpretation of data about potential customers, competitors, and the overall business environment. It helps businesses understand: who their customers are, what they want, how much they’re willing to pay, how they behave in purchasing decisions, what competitors are doing.
• sampling refers to the process of selecting a group of individuals, businesses, or data points from a larger population to represent that population in market research. Since it is often impractical or too expensive to collect data from every member of a population, businesses use sampling to obtain insights that are generalizable to the broader group.