Business & Market research

Business and Market Research

Business Research is a systematic process of data collection, recording and analysis aid in making business decisions. It includes the collection and evaluation of data on consumer preferences for products and services. Market research includes collection and analysis of information on consumers, competitors and the effectiveness of marketing programs.

Businesses use market research to determine the feasibility of a new business, to understand customer response to new products or services, to improve aspects of their business, such as service or distribution channels, develop competitive strategies and develop plans successful marketing. In a nutshell, market research allows businesses to make decisions that make them more sensitive to customer needs and increase thus cause an increase in profits.

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