Market Research Flashcards
1
Q
Explain how market research can help a business be successful?
A
Allows them to gather information on consumer needs/wants- this means marketing mix can be adapted to ensure products service is tailored to their needs
2
Q
Explain how market research can help a business be successful?
A
Gather information on competitive environments- this allows the to develop into their products/ services to ensure they aren’t taken over by rivals.
3
Q
Explain how market research can help a business be successful?
A
Reduces the risk of launching failing products. If product research is done, this allows the organisation to see if there is a potential market for their products. Allowing the product success while in market.
