MANAGEMENT

Detailed explanation-1: -In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research.

Detailed explanation-2: -Market research generally involves two different types of research: primary and secondary.

Detailed explanation-3: -When you skip out on market research, you miss valuable opportunities that will help your business in the long run. Successful business owners know their markets, understand their competitors’ and customers’ wants and needs, and gather all the information necessary for their businesses to be competitive.

Detailed explanation-4: -There are three types of market research-exploratory, descriptive, and causal.