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What is Market Research?

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❶For example, Dell Computer might want to know a demographic breakdown of how many and what kinds of people or companies will purchase a new model in its personal computer line. Use 'marketing research' in a Sentence If a company's marketing research shows an increase in demand for their top level of mobile phones, they would be foolish to discontinue the manufacturing and sale of that product.

Use 'marketing research' in a Sentence

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What is 'Market Research'
Module 4. Market Research

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Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer. This practice allows a company to discover the target market and record opinions and other input from consumers regarding interest in the product.

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Market research consists of systematically gathering data about people or companies – a market – and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are then used to help business owners make more.

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Scientific discovery methods applied to marketing decision b2bproxy.cf generally comprises of (1) Market research: identification of a specific market and measurement of its size and other characteristics. (2) Product research: identification of a need or want and the characteristic of the good or service that will satisfy it. (3) Consumer research: identification of the preferences, motivations. Marketing research is concerned with the application of theories, problem-solving methods, and techniques to identify and solve problems in marketing. In order to offset unpredictable consumer behavior, companies invest in market research.

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In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research. Market research is an essential component of a business plan for startup businesses - if market research does not indicate a demand for the product or service the proposed business will not likely be viable. Test interest in new products or services to respond to customer needs.