MANAGEMENT

Detailed explanation-1: -Market research can help by providing information on the effectiveness of your marketing efforts. We can design studies to gather feedback from customers on the look and feel of your marketing messages. We can also measure customer awareness and reaction to specific marketing campaigns and activities.

Detailed explanation-2: -Market research allows companies to understand the demand and viability of their product and to see how it might perform in the real world. Market research is conducted either through primary information or secondary information, both providing unique insights into a company’s offering.

Detailed explanation-3: -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-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.