Market Research

by lucycarrick03gmailcom | Tuesday 17th of January 2023

Market Research

It is important for a business to know and understand about the relationship between their product and the potential customers if they are to maximise sales and profit. Market research is the process of gathering and interpreting this information. It will often be conducted before a product is launched. This is so that a business can ensure that the marketing mix of the product is as finely tuned as possible to meeting the needs of the customers that the product is aimed at. This may prevent costly mistakes like launching a product that the customer does not want or that can be improved before the launch. It can also be conducted during the life of a product to adjust any aspects of the marketing mix. 

The main types of market research are primary and secondary market research. Primary market research is the gathering of new information that has not been compiled before. Secondary market research is using information that already exists and adapting it for a business’s own purpose. Businesses may hire outside specialist market research companies to undertake their market research for them. 

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