MANAGEMENT

Detailed explanation-1: -Proper market research analyzes market size, competitors, and most importantly, demand for a product. Your market research plan should do six things: measure customer demand, identify trends, analyze buyer behavior, analyze competitor behavior, identify target markets and determine sales potential.

Detailed explanation-2: -To measure opinions, quantitative research is the right choice. If an in-depth understanding of perceptions revealing conscious, or even unconscious ways individuals reason through and come to their conclusions on a matter, then qualitative research is the best bet.

Detailed explanation-3: -Market demand represents how much of a good or service consumers in the current marketplace are willing to buy. A concept central to business planning and pricing strategy, companies use this metric to determine how much their target market is willing to pay for a particular good at any given time.

Detailed explanation-4: -Example of Market Research For example, a company that was considering going into business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with the business plan.