WHAT IS MARKET RESEARCH.
Market research is the process of gathering, analyzing, and interpreting information about a market, including its customers, competitors, and industry trends.
Market Research involves key components:
Identifying Objectives: Defining clear research goals and objectives.
Data Collection: Gathering relevant data through surveys, interviews, and secondary research.
Data Analysis: Analyzing collected data to derive actionable insights.
Competitor Analysis: Evaluating competitors' strategies, strengths, and weaknesses.
Consumer Behavior Study: Understanding customer preferences, behaviors, and buying patterns.
Market Segmentation: Dividing the market into distinct groups based on demographics, psychographics, and behavior.
Trend Analysis: Identifying emerging trends and market opportunities.
Report Preparation: Presenting findings and recommendations in a comprehensive report.
Market research is essential for:
Understanding Customer Needs
Identifying Market Opportunities
Mitigating Business Risks
Improving Decision Making
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