The systematic gathering, recording, and analysis of data about customers, competitors, and market conditions to inform business decisions. It helps companies understand consumer needs, preferences, and buying behaviors before launching products or services.
Emerged in the 1920s as mass production required better understanding of consumer demand. Combines 'market' from Latin 'mercatus' (trading) with 'research' from Old French 'recerchier' (to search again). The field professionalized during the post-WWII consumer boom.
Modern market research goes far beyond surveys - companies now analyze social media sentiment, track online behavior, and use AI to predict consumer trends. The most valuable insights often come from observing what people actually do rather than what they say they'll do.
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