MANAGEMENT

Detailed explanation-1: -One way to protect your business is to conduct ongoing market research. By using expert industry analysis, you can avoid costly mistakes, forecast potential market fluctuations, and create an environment for success. Market research is also critical during “make or break” moments, such as a new product launch.

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 objective of the market survey is to collect information about markets or customers in order to minimize risk, gain competitive advantage, and obtain consumer insight–all of which will ultimately increase profits.

Detailed explanation-4: -First, market research reduces uncertainty. Directly asking consumers about their opinions, preferences and wishes allows a company to know-rather than guess-about how to provide the products and services most valued and needed.