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When companies want to launch a new product, enter a new market or assess an existing product, they will always carry out a series of market researches. Why they do so?
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When companies want to launch a new product, enter a new market or assess an existing product, they will always carry out a series of market researches. Why they do so? Because they need to minimize risks, otherwise they would probably make loss rather than profit. In this essay, I would explain what market research is, why and how it is invaluable. Market research is defined as "the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services."(Boyd, Westfall & Stasch, 1985) I would rather say that it is a study of why and what people buy, so that companies will be able to work out appropriate market strategies to make the sale of goods more successful, and it can also make a valuable contribution to companies' understanding of its products, its markets, and its overall business strategy when properly structured. `The...
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