MANAGEMENT

Detailed explanation-1: -Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research.

Detailed explanation-2: -For many businesses, market research is a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability. In fact, it can make the difference between making wise decisions that drive business forward and poor decisions that can damage your business.

Detailed explanation-3: - The Key Takeaway: Market research in the new product development process is essential in the creation of any item. Why? It allows owners to understand the pros and cons of their product, giving them areas of improvement to focus on. Exploratory research is a good starting point for any organization.

Detailed explanation-4: -What is market research? Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company’s value effectively.