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The main purposes of conducting market research are to understand consumer needs, identify market trends, and inform business decisions.
Market research is a crucial tool for businesses to understand their customers better. It provides valuable insights into consumer behaviour, preferences, and needs. By conducting market research, businesses can identify what products or services their customers want, how much they are willing to pay for them, and how they make their purchasing decisions. This information can help businesses to develop products or services that meet their customers' needs, set competitive prices, and create effective marketing strategies.
Another key purpose of market research is to identify market trends. This involves analysing changes in the market, such as shifts in consumer behaviour, emerging technologies, and changes in the competitive landscape. By identifying these trends, businesses can anticipate changes in the market and adapt their strategies accordingly. For example, if market research reveals that consumers are increasingly concerned about environmental sustainability, a business might decide to develop more eco-friendly products.
Market research also plays a crucial role in informing business decisions. It provides businesses with the information they need to make informed decisions about their strategies and operations. For example, market research can help businesses to decide where to open new stores, how to price their products, and which marketing channels to use. It can also help businesses to identify potential risks and opportunities in the market, enabling them to make strategic decisions that enhance their competitiveness and profitability.
In summary, market research is a vital tool for businesses. It helps them to understand their customers, identify market trends, and make informed business decisions. By conducting market research, businesses can ensure that their strategies and operations are aligned with the needs of their customers and the dynamics of the market.
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