The Importance of Market Research

782 WordsFeb 17, 20183 Pages
Market research refers to the process of carrying out extensive research to determine whether goods and services are likely to satisfy customer requirements (Arora & Mahankale, 2013). It is way of making sure that a new or existing business rolls out products or services that will have a positive impact in the market. Therefore, market research is an important requirement to both new and existing business holdings. In the case of new businesses, one is likely to get financial assistance if they have done proper research on the market. This information can be used to guarantee the success of a new business. Market research is fundamental step that should be taken by all business because of the benefits that come with it (Beri, 2008). The main argument in the paper is that market research is an essential part of a business regardless of whether they are new or not. First, it would be important to explore the concept of market research before going deep to outline its benefits. Basically, there two types of market research, which are Primary Market Research and Secondary Market Research. A research on a particular market is likely to return qualitative and quantitative information. Qualitative information involves opinions obtained from different people in the market through interviews and surveys. Primary Market Research entails interviewing or talking to customers to get their thoughts on a new product. In most cases, this kind of research will give qualitative
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