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What is 'Market Research'

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Need and Importance of Marketing Research! The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal.

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With effective market research, you can determine the need for your service, a product's likelihood to sell, target-market demographics, and desirable store locations. There are numerous ways to uncover this information"”from online research to focus groups to counting customers.

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However, you need to jump in because market research is key to the success of your business. First, you need to understand the difference between "market research" and "marketing research." Market research is when you have narrowed down a specific "target, " and you are delving into the behavior of that target. Market Research is important for your business in order to understand the interests & opinions of your customers, strengths & weaknesses of your competitors.

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Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer. This practice allows a company to discover the target. How to Conduct Market Research. Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Businesses can learn a great deal about customers, their needs, how to meet those needs and how the .