Business Studies Market plan

... Market Research The process of gathering, analyzing and interpreting information about a market, about product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as whole, and the particular competitors you face. What are the main purposes of market research? If a business is market orientated then it must find out what people's demands are and what their competitors are doing. This is done by using a method commonly used known as Market Research. Market research is mainly used to answer questions like: Who is in the target market, Where are they, what do they want, what are our competitors doing? The main purposes for market research are to: * Find out peoples buying pattern. * Find out people taste. * Find out peoples demand. * Learning

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