Market research necessary in business
When is market research necessary in business? How important is it? When is qualitative research more neccesary? When is quantitative research more necessary?
Research can be expensive. Why justify it? When is it NOT justified?
Provide some examples with good rationale in your responses.
Market research is necessary in business at any stage of the business lifecycle, from start-up to growth to maturity. It is important for businesses to understand their target market, their competitors, and the overall market landscape in order to make informed decisions about their products, services, marketing, and pricing.
Here are some specific examples of when market research is necessary:
- When starting a new business. Market research can help you identify a viable market for your product or service, understand the needs of your target customers, and assess the competition.