MANAGEMENT

Detailed explanation-1: -Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old.

Detailed explanation-2: -Market research plays a role at every stage of product development, from identifying needs and opportunities to how you go to market. You can apply both qualitative and quantitative data to create a product that will satisfy your customers’ needs and align with their motivations.

Detailed explanation-3: -Define the Problem or Opportunity The most important part of the marketing research process is defining the problem. In order to do any research and collect data, you have to know what you are trying to learn from the research.

Detailed explanation-4: -Correctly defining the problem is the crucial first step in the marketing research process. If the research problem is defined incorrectly, the research objectives will also be wrong, and the entire marketing research process will be a waste of time and money.