MANAGEMENT

Detailed explanation-1: -With market research, companies can figure out their target market and get opinions and feedback from consumers in real-time. This type of research can be conducted in-house, by the company itself, or by an outside company that specializes in market research.

Detailed explanation-2: -Market research is a key responsibility for the marketing department. Research helps the company identify market opportunities and gain a better understanding of customer needs.

Detailed explanation-3: -They can use market research to make sure there is demand for their product or service before they launch it. To provide information on whether people like the product. This means changes can be made to the product to meet the needs of the customer.

Detailed explanation-4: -Demand analysis is the research conducted by companies that aim at understanding customer demand for a certain product. Businesses generally use it to determine whether they can successfully enter the market and obtain the expected profit.