MARKET RESEARCH Flashcards

1
Q

What is Market Research?

A

It is the process of analysing and reporting data related to a particular market. The aim is to investigate the possible ways for the business to operate successfully in the market.

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2
Q

Purpose of Market Research

A
  • Identify customer needs and wants as well as satisfaction levels and purchasing behavior
  • Predict what is likley to happen in the future
  • Reduce risk of product failure through establishing likes and dislikes of consumers
  • Measure effectiveness of a marketing strategy
  • Provide latest information on activities happening in the market
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