Market research

• What are benefits of effective market research?

  Reduces risk

  Understand how much a consumer will pay for a product

  Identify potential competitors

  Understand consumer behaviour

  Quantify potential consumer demand for a product
• What are benefits to a business of researching their market?

  Reduces risks and cost of making poor decisions

  To develop a marketing plan based on data gathered about marketing

  Help business react and prepare for changes in the market

  Help business become market orientated
• What is primary market research?

  Collecting data first hand which is new , for the benefit of the business