MANAGEMENT

Detailed explanation-1: -Simply stated, market research is defined as the process of gathering data on goods and services to determine whether the product or service will satisfy customers’ needs. Market research can identify market trends, demographics, economic shifts, customer’s buying habits, and important information on competition.

Detailed explanation-2: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-3: -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.