MANAGEMENT

Detailed explanation-1: -Research your customers and competition. Use market research to analyze your customers and competitors on multiple levels. This will help you evaluate whether the demand for a product/service is real, and whether expanding into a potential new market is worthwhile for your company.

Detailed explanation-2: -Local newspapers, journals, magazines, and radio and TV stations are some of the most useful commercial information outlets. They maintain demographic profiles of their audiences and have information about economic trends in their local areas.

Detailed explanation-3: -A market is a group of potential customers-people or businesses-who are willing and able to purchase a particular product or service. Market research is an organized way to gather and analyze information needed to make business decisions.

Detailed explanation-4: -Market research can identify market trends, demographics, economic shifts, customer’s buying habits, and important information on competition. You will utilize this information to define your target markets and establish a competitive advantage in the marketplace.