MANAGEMENT

Detailed explanation-1: -understand competitors in the market and how you can add value. understand demographics to identify how many potential customers there are in a specific geographical location. identify product and service trends to plan for growth of your offerings.

Detailed explanation-2: -Some of the overarching goals that market research can help organizations accomplish, include: making important business decisions, securing investments and funding, determining new business opportunities, and even avoiding business failures.

Detailed explanation-3: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-4: -Market research allows companies to understand the demand and viability of their product and to see how it might perform in the real world. Market research is conducted either through primary information or secondary information, both providing unique insights into a company’s offering.