Market Research-A Must For Survival
Market Research-The Key To A Successful Business
As noted above, accurate information is required about prospective and existing customers, the competition, and the industry in general so that It helps the top management determine the feasibility of the business before they commit substantial resources to the business. The purpose of market research is to examine the market associated with a particular product or service to determine how the audience will receive it and is the key to a successful business. This can include information gathering for the purpose of market segmentation and product differentiation, which can be used to fine-tune communication-mix efforts or determine which features are seen as a priority to the consumer.