18.1 Market research

Question 1

Market research

Answer 1

The process of collecting, recording and analysing data about customers, competitors and the market.

Question 2

What is the purpose of market research?

Answer 2

1) Identify the main features of the market
2) Reduce the risk of new product launches
3) Identify consumer characteristics
4) Explain patterns in sales of existing products and market trends
5) Predicts future demand changes
6) Asses the most popular designs, promotions, styles, and packaging for a product