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Market research is finding out what consumers like and dislike about a product or about a range of products.
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Section 5. Market Research 5.1 Market research is finding out what consumers like and dislike about a product or about a range of products. Britannica Definition Study of the requirements of various markets, the acceptability of products, and methods of developing or exploiting new markets. A variety of techniques are employed, depending on the purpose of the research. 5.2 Businesses carry out market research because firms gather and analyse data about customers, competitors, distributors, and other actors and forces in the marketplace. A large portion of the work performed by most market research. 5.3 There are two types of research these are called field and desk research. Field Research is also called primary research. It involves doing all your own work. It is useful for finding out new information and getting customers views of products. Two advantages are the results are up to date and upper hand on rival brands. The disadvantages are that it costs a lot...
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