MANAGEMENT

Detailed explanation-1: -Market research is the process of gathering and analyzing information about a market, product, or service in order to gain insight into customers, competitors, and the market itself.

Detailed explanation-2: -Market research blends consumer behavior and economic trends to confirm and improve your business idea. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.

Detailed explanation-3: -Competitive analysis Competitive analysis is a secondary market research method where a company collects and analyzes information about competitors in their market. It involves identifying all the primary and secondary rivals to your business and determining their offerings, profits, marketing strategies and more.

Detailed explanation-4: -What is analyzing market research? Analyzing marketing research is the act of conducting research to determine how current or potential markets may receive a product, then analyzing the results of the research to determine a marketing strategy.

Detailed explanation-5: -Research in marketing is trying to ask the question of why rather than how in order to understand the behavior or performance of a business. Marketing research is focusing on the consumer and how the consumer is attracted and influenced by the brand that the business represents.