What is market research?
Market research is the procedure of conducting surveys to know the needs and expectations of potential customers. An integral part of the management of a company, market research is developing and evolving everyday. A lot of researching is conducted online in the form of online surveys. These surveys find active participants from various regions.
Why is market research important?
Market research given an idea of the current situation of the consumers and their needs. Based on this, the companies can decide which products to sell and which not to. Market research helps to pinpoint the type of consumers a product is capable of attracting and thus, it provides an estimate of the annual profit or loss percentage of the company.
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