Market research involves finding out customer demands and determining methods to satisfy those demands. It is the systematic collection of information and interpretation of information about individuals or organizations using the statistical and analytical methods and techniques to gain insight or support better decision making.
The proper market research can help and organization to
a) Generate reliable customer feedback to improve the product’s usage, performance, and reliability
b) Find out market segments for growth and expansion
c) Shift emphasis on product, price, promotion targeting special group of buyers
d) Target poorly served customer niches as fresh opportunities
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