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The importance of a Market Research

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Why is market research important?

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Solution Summary

The post provides the reasons why organizations/business owners conduct market research.

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Guidance: Think of a market research as something that is very important for your business plan and profitability. If you were a potential business owner, how would you learn more about your customers? How much will they be willing to pay for your goods and services? To know this, you have to conduct a market research.

Market research enables a business owner to know what they could and should be selling, what customers are willing to pay, how they should best market their products and services, how to package and deliver them, and how to differentiate their company from the competition. (Wenzel, 2012). Wenzel (2012) also states that market research involves the gathering of data and information that assists entrepreneurs with the following:
• Identifying market needs
• Planning the product or service to meet market ...

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