The concept of determining the size and location of a market falls under market research. Market research involves the systematic gathering, recording, and analyzing of data about consumers, competitors, and the market itself. It aims to understand various aspects such as market size, demographic information, geographic location, consumer preferences, and market trends.
Here’s a brief overview of the other two types for clarity:
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Advertising Research: This focuses specifically on the effectiveness and efficiency of advertising campaigns. It assesses how advertisements are perceived, how well they resonate with the target audience, and how they impact consumer behavior.
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Sales Research: This deals with the effectiveness of sales strategies and techniques. It involves analyzing sales data, customer feedback, and the sales process to improve sales performance.
In summary, to find out about the size and location of a market, you would primarily conduct market research.
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