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

Another reason why business need market research is so they could predict any future changes; this could be anything that 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. This will help improve the business to improve the product quality and therefore help extend the product life cycle. This is mainly done on existing products in the market, as it is more effective than a new business knowing the trends as they would have only the past records but no experience of dealing with such trends

For a 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.

Market research makes it easier to identify the market size the consumer tastes and trends of the business, it also helps obtain how effective and where the product is weak in the market we can identify different distributional methods and consumer preferences as well as promotion techniques and competitors unique selling propositions. This is likely to make the business successful (even though it might not be as accurate as the business wants it to be)