Market Research

All businesses need their customers to buy their products, otherwise, they won't survive

Market research allows a business to understand its customers and competitors

One purpose of market research is to identify who the business's customers are

Can be used to give a business an understanding of their customers

Customers' needs may include things like:

• type of product
• quality
• price
• convenience
• variety (how much choice) 

By understanding customers' needs, businesses will be better able to make products that meet these needs. 

Market Research helps a business to: 

Make informed decisions.  Such as:

• what products to sell
• where to sell them
• what price

Stay competitive:

• gathering information allows a business to see how they are different. Help to improve strategies. 
  
• Help a business spot when a group of customers has a need that isn't being met (a gap in the market). In order to develop a way to develop their product to fill that gap before their competitors. This might mean developing a new product, or selling an existing product in a new place or at a new price, or promoting it in a new way to convince customers they need it.
  

Reduce risks:

• if the price is too high or the customers don't want a product or it is in the wrong location, it could end up losing money 
• could help the business to avoid costly mistakes
• ensure business survival

Increase sales :

• the demand for product or service is how much of it people will be willing to buy at a given price. Knowing the demand for a product can help a business increase sales by adjusting their pricing. This should ensure survival. 
  

Primary Research

• Involves…