what is market research?

Imogene Neiswander: .

Shelley Stevens: Well I am not a great man but I will answer what I have learnt. Market Research is for businesses that are 'market oriented'(a business that sells it products after knowing the consumer's needs and wants). There is another business which is its opposite i.e. Product Oriented( a business that sells its products without knowing the tastes and needs of the customers). When talking about market oriented business it makes a research and that is called a market research to know the tastes of the customers. The advantages of market research are the following: 1. The business will be quite certain that the product they will make or buy will certainly be sold 2. There are less risks of losses involved in it. 3. The firms will know which type of people will buy their product such as teenagers and so they will not beg an adult to buy your product, as it is an attempt to foolishness. 4. You will choose a best option to post your adver! t to promote the product. 5. It likely to increase sales because the customer is getting what they want 6. Identifies the gaps in the market to and can produce the products to fill those gaps. 7. increases the market share. I hope this helps....Show more