ENTREPRENEURSHIP

Detailed explanation-1: -Market research surveys allow businesses the opportunity to identify competitors so that they can learn from their best practices, avoid their mistakes and, thus, remain competitive within the market.

Detailed explanation-2: -It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.

Detailed explanation-3: -As part of your market research, evaluate which functions your target market really wants and minimize unnecessary features. This also allows your company to release “new and improved” versions down the road, meaning you can create iterations, extend product viability and can keep it top of mind.