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What is market Research?
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- Words:
- 1197
- Submitted:
- Mon Sep 22 2003
... To: Mrs Indge From: Craig Harper Subject: Market Research Date: 7/5/2002 What is market Research? Before producing a product the producer will want to have an idea of what demand is likely to occur in response to advertising. Market research is used to find: * What competition exists for the product * What is the best way to reach potential customers and tell them about the product * What will stimulate people into buying it? Market research is used by businesses that are newly established, and businesses that have been established for a longer amount of time. E.g. Thornton's has been established for over one hundred years but they will still need to use a market research report before placing a new store in an area. Market research will also show how may people would be willing to buy your products. A market Research report would also involve the use of a competitor scan. A competitor scan will show you how many competitors you
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