What are the purposes of market research?
-To reduce risk: prevents incorrect decisions
-To aid decision making: helps make good, informed decisions
-To understand the market: identify market gaps; adapting their product
-Gain customer views/understand their needs and wants: Helps them develop a product to suit their target market
-To inform product development: what might need changing to become more desirable
-Understand competitors: Make a product more appealing with a USP