What is the purpose of market research?

The purpose of market research is to gather relevant data and information about consumers, customers, and the market landscape, in order to make informed business decisions. Market research helps businesses understand their target audience, their preferences, needs, and behavior; it identifies market trends, competitors, and potential opportunities or threats. By analyzing this data, businesses can develop effective marketing strategies, improve existing products or services, identify new market segments, minimize risks and make informed decisions about various aspects of their business, such as pricing, advertising, and product development. Ultimately, the purpose of market research is to enhance the competitiveness and success of a business by ensuring that its decisions are based on solid, data-driven insights.

This mind map was published on 17 October 2023 and has been viewed 47 times.