Hello Community,
The basic goal of every business is to deliver value to customers. If a customer sees value in a certain good or service, he will be willing to pay money for that good or service.
One of the primary goals of market research is to determine how specific products or services will perform in a certain market. Conducting surveys about consumer preferences help a business determine whether certain a product or service is viable.
Another benefit of market research is that it can allow a business to identify needs and opportunities in a market. For instance, if many of the customers given a survey about smart phones commented that they wanted a phone that could record HD video, a business could launch a phone with HD video recording capability to take advantage of the untapped demand in the market.
Thanks and Regards,
Alan Noblitt
The basic goal of every business is to deliver value to customers. If a customer sees value in a certain good or service, he will be willing to pay money for that good or service.
One of the primary goals of market research is to determine how specific products or services will perform in a certain market. Conducting surveys about consumer preferences help a business determine whether certain a product or service is viable.
Another benefit of market research is that it can allow a business to identify needs and opportunities in a market. For instance, if many of the customers given a survey about smart phones commented that they wanted a phone that could record HD video, a business could launch a phone with HD video recording capability to take advantage of the untapped demand in the market.
Thanks and Regards,
Alan Noblitt
