MANAGEMENT

Detailed explanation-1: -Market research can identify how customers and potential customers might view your business and identify gaps in customer expectations. This is powerful information to have when completing your marketing strategy.

Detailed explanation-2: -It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.

Detailed explanation-3: -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-4: -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.

Detailed explanation-5: -Marketing Research (Marketing Research) is a process that you need to do before starting a business. It aims to obtain objective and accurate data which can then be used as a reference in making decisions.