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What is Market Research? And how does it benefit my business?

April 26, 2017benefit Business market research

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What is Market Research? And how does it benefit my business?

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Market Research is a deceptively simple concept, usually defined as research conducted to understand the needs of the market. Traditionally, market research focuses on the customer; it tries to identify: • Demographic & psychographic characteristics • Behavior drivers • Price sensitivity • Opinions about products & services Now market research must incorporate information about new technologies, competitive pressures, industry changes, and globalization to truly understand what is driving a market. Unless you understand how & why your customers purchase products/services AND how & why your competitors make their products/services, your own strategic plans may not be able to effectively guide your company to success. Knowledge inForm’s market research products and services are designed to help you evolve your market research projects from market research to market strategy.