Market Research – The need of the modern business world

Market research is one of the key components of the marketing. In simple term Market Research mean collect the information about the market. In broad sense market research in a well planned activity in which numerous kinds of information is collected about the market or customer trends.

In the modern business zone it’s become one of the key terms of business strategy. It’s a very helpful tool to get the required information about the business and competitions in quick period of time. To achieve the target or set the target Market research is becomes the need of the modern business world.

Importance of Market Research
Market Research

Salient Features of Market Research

* It’s a key factor to get advantage over competitors.
* It’s provides important information to identify and analyze the market need, market size and competition.
* It’s provides the vital information regarding the current business trends.
* It helps to decide the launch or renovation of market products.

Importance of Market Research

* Need
* Size
* Competition

 

Methods of Market Research

* Questionnaires
* Group Discussion
* Surveys