Market research is a systematic process of collecting, analyzing and interpreting information about a target market, consumers, competitors and the industry as a whole. Market research is the framework of any successful company and it can be used for a lot of reasons. From identifying a new market to launching a new business. To determine the feasibility of a new business, if market research indicates there’s little or no demand for the product or service, the business is unlikely to succeed. One way market research can be used is To determine optimal product placement – how, when and where should a product enter the market.
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