Primary v secondary research

Why is market research needed?


Any business should find out what people want to buy and how many people are going to buy that product before producing a product since the chances of failing are very high. Usually,market research try to answer these questions:

  • What feature of the product do they like/dislike?
  • Are people willing to buy the product?
  • What price are people prepared to pay?
  • Location of the selling point of the product.
  • Type
    of customer who buys the product.
  • Type of promotion that will be effective.
  • Competition in the same industry.

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