What is the importance of market research?

I have been asked to outline the importance of market research and how it impacts the company. need to give examples
What companies have done market research and what has the impact of that been?

Market research can save lots of money, if done effectively. Of course not all acquisitions will benefit from it, as there are some products that can cost significantly more mainly because of how it’s used, the scarcity of the product, and how it can be obtained; these are just a few factors. It’s good to perform market research especially in situations where it will be the first time you acquire a certain type of product, but the whole point of MR is saving money. Another result of doing MR is that you’ll know if you’re getting screwed over in prices if you compare a product or service that many places provide, to see a competitive range. Good luck and hope this helped somewhat!

T2S

2 Responses to “What is the importance of market research?”

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  1. Ed says:

    Without research, companies would fail very quickly. Why would someone invest a million dollars in a product if they don’t know if people will buy it?References :

  2. Eternal Oath - Devote to Yourself [T2S] says:

    Market research can save lots of money, if done effectively. Of course not all acquisitions will benefit from it, as there are some products that can cost significantly more mainly because of how it’s used, the scarcity of the product, and how it can be obtained; these are just a few factors. It’s good to perform market research especially in situations where it will be the first time you acquire a certain type of product, but the whole point of MR is saving money. Another result of doing MR is that you’ll know if you’re getting screwed over in prices if you compare a product or service that many places provide, to see a competitive range. Good luck and hope this helped somewhat!

    T2SReferences :

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