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Market Research Essay

677 words - 3 pages

Business market research is the process of collecting data to determine whether a particular product/service will satisfy the needs of your customers. With effective market research, your company can gain invaluable information about your competitors, economic shifts, demographics, the current market trends and the spending traits of your customers. With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Market research is the best way to increase customer satisfaction, understand the factors that affect your business, and to elevate your performance. Here are ...view middle of the document...

Why Companies Require Market Research

Marketing research is needed on a continual basis, if you want to keep up with the latest market trends and gain a competitive edge in the business market. Understanding market research and using it to your advantage is vital in reaching out to your target audience and increasing your sales.
Many businesses fail to follow the proper channels to find their target market, and they lose money or kill their business before it has a chance. Business owners often feel that they know who they are creating a product or service for, but without gathering feedback and making a product/service that customers will buy, they don't have a business.
Market research is crucial immediately as soon as you have a prototype or minimum viable product. Startups need to take this product to their intended market and get feedback. Many times, businesses realize that their ideas are too big or too small, or their product/service isn't actually a good fit for their intended market. Businesses also push a lot of money...

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