MANAGEMENT

Detailed explanation-1: -One-to-one interviews and focus groups can both be highly effective market research methods. They afford you a direct insight into what your customers think, what they want, what they worry about, what their pain points are, and how they feel about your competitors, among many other things.

Detailed explanation-2: -There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-3: -Competitive analysis Competitive analysis is a secondary market research method where a company collects and analyzes information about competitors in their market. It involves identifying all the primary and secondary rivals to your business and determining their offerings, profits, marketing strategies and more.

Detailed explanation-4: -Market research helps you identify areas for possible business expansion. Given that it offers the opportunity to test markets to determine if there is room for a new product or service. You can also conduct market research to find the best location to open a new store.