Market Research

• What is the purpose of market research?

  To gather information and identify risks
• How does effective market research help a business?

  It reduces the risk of failure
• What insights can effective market research provide?

  • Market size
  • Market structure
  • Market trends
  • Competition details (who, market share, USP)
  • Customer information (who, needs, wants, expectations)
  • Market segments (existing or new opportunities)
• What is primary market research?

  Information gathered for the first time
• What is a characteristic of primary market research?

  It is specific to the company
• What is secondary market research?

  Data that has already been created
• Why is secondary market research useful?

  It saves time by using existing data
• What is market research's role in identifying market gaps?

  It finds gaps and trends in products
• Why is understanding market trends important for businesses?

  To predict sales and generate profit