Why is Market Research important for a Business ?

 


For many businesses, Market Research is a key component in developing marketing strategy by providing a fact - based foundation for estimating wise decisions that drive business forward and poor decisions that can damage your business. 

1. It helps businesses strengthen their position.

2. It minimizes any investment risk.

3. It identifies potential threats and opportunities.

4. It helps to discover yours's and your competitor’s strengths and weaknesses.

5. It facilitates strategic planning.

6. It helps in spotting emerging trends.

7. It assists businesses to stay ahead of the competition.

8. It provides revenue projections.

9. It focuses on customer needs and demands.

10. It helps to evaluate the success of a business against benchmarks.


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