Market research is most important to get feedback about the market of a certain product or service. Marketing strategies and business plans can be developed based on market research.
Market research includes making of questionnaires, getting them completed by potential customers, doing surveys and getting knowledge about the acceptance of an existing product and also determination of accurate time of introducing a new product.
Market research makes decision making easier by knowing what is required in the market and also by getting a feel about the price and consumer behavior.
Every year a good amount of budget should be allocated to market research, this will save the company from other avoidable expenses, and will make decision making more specific and consumer oriented.
Market research can enable the company to respond in time to the needs and expectations of the consumers.
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