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.
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
