Why Market Research is needed?
Market Research Is An Essential Management Tool
Market research consists of a plan that charts how relevant data is to be collected and analyzed so that the results are useful and relevant for making marketing decisions. Once the research and the related analysis are complete, the results are communicated to management. This provides management with in-depth information regarding crucial factors that have an impact on the target market and existing marketing mix. Market research allows management to make the changes necessary for better results through adopting a proactive approach.
Source from: morebusiness.com
It is important because companies must measure their market performance, analyze the dynamics in their industries, solve problems and find out solutions and identify opportunities and capture the chance of growth…
There are dozens of ways that you can utilize professional market research program including: