Market Research Essay

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Before a business can launch a product, it needs to carry out a market research. A market research is a research which businesses carry out in order to study and find out the demands and wants of the consumers. Market research enables a firm to know what the market is currently like, whether there is a demand and need for the product they are planning on launching and whether they will have to face competition or not.

Not only does market research help a business in terms of its products, it helps them connect with consumers. There are several ways in which market research is carried out the most common way is through a questionnaire. This involves businesses writing a number of questions which they ask the public and potential consumers to answer. These questions are not always regarding the type of product a business is planning to launch, instead these questions are structured in a way to help the business understand the way in which consumers think and purchase products. They try to understand why people buy certain products and why they do not buy another. Research is usually carried out so that the business can understand the situation of the existing market and using the information, design and launch a product. Most businesses carry out market research to be better aware of what consumers want and what their demands are. This helps them in bringing out and producing a product which will not only please the consumers but also make them purchase the product and be satisfied by it.

Market research is very important to be carried out before the launch of any product or service. It is carried out by…

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