ENTREPRENEURSHIP

Detailed explanation-1: -Successful entrepreneurs use market research to keep up with trends, make better business decisions and maintain their company’s competitive edge. Regardless of whether you’re starting or expanding your business, research is vital to understanding your target markets and increasing sales.

Detailed explanation-2: -To run a successful business, it is essential that you know who your customers are, what they need, and how to reach them. Market research can help you get accurate and specific information about your customers and competitors, which is a critical part of starting or expanding your business.

Detailed explanation-3: -Marketing is a vital process for entrepreneurs because no venture can become established and grow without a customer market. The process of acquiring and retaining customers is at the core of marketing.

Detailed explanation-4: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.