2.1 The purpose of market research

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What is market research?

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Collecting, presenting, and analysing information about customers, competitors, and market trends.

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When is market research usually carried out?

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Before adapting an existing product, developing a new product, or deciding on a price change/new promotion.

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Why is regular market research important?

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Because customers and the market change all the time.

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What is one reason for conducting market research?

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To reduce risk by preventing products from being unsuccessful.

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How does market research aid decision making?

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It helps to make good decisions and successful choices to meet customers' needs.

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What insight does market research provide?

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An understanding of market trends to keep up with developments and changes.

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How does market research help in understanding customers?

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By gaining customers' views and understanding their needs/wants.

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How can market research inform product development?

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Findings and data from market research can help to find out what customers think and make the right product suited to their needs.

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How does market research help in understanding competition?

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By researching competitors that offer similar products to compare products and make their product more appealing.