Market research blends consumer behavior and economic trends to confirm and improve your business idea. It's crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.
What is market research in business examples?
Many companies use market research to test out new products or to get information from consumers about what kinds of products or services they need and don't currently have. For example, a company that was considering going into business might conduct market research to test the viability of its product or service.
What are the 4 main purposes of market research?
Some of the overarching goals that market research can help organizations accomplish, include: making important business decisions, securing investments and funding, determining new business opportunities, and even avoiding business failures.