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How useful might the result of a market research be to a business

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Introduction

´╗┐In order to introduce a product into the market which satisfies the demand of the consumers we need market research. Without market research it is very rare that a business product can be very successful at the beginning of the product life cycle. Market research is required by the business for many reasons: One of the main reasons as mentioned before is to reduce the risk of failure of launching a new product; this can be ...read more.

Middle

would result in the business having to change their products that is diversify or modify their existing product to the changes in tastes, age structure and even income levels, etc In order to be successful we have to know the market trends as well as the the pattern of sales of a product in order to be prepared to face any problem that comes along the way. ...read more.

Conclusion

business to be effective in their marketing they need to be aware not only of what consumers would prefer in their product but also what other things about the product attracted the consumers like promotions, packaging, different flavor of the product and styles. This could be done by experiments like giving out free samples to the public or by observation. These are some of the basic reasons why market research is needed and useful for the business. ...read more.

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