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The Importance of Market Research

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Running head: Unit 4 Market Research Assignment

Learning from the Experts - The Importance of Market Research

Abstract
In business, demand is always changing and therefore it is essential to know how things are changing. For example, a retail business might be considering opening new stores, expanding internationally, or diversify its product. Before proceeding, the business will need specific information in order to make such changes. The process of collecting this information and understanding it is known as" Market Research". In this paper I will give an overview of what Market Research is and what techniques that I found interested that I would like to know more about. I will conduct an interview, with policy and procedures manger, explaining how their agency conducts their market research and how this information that I how information that I read and research will help me to succeed in the Marketplace Stimulation.

Learning from the Experts - The Importance of Market Research
Market Research is a continuous process of analyzing data and interpreting information about a market, product or services that would be offered for sales in the marketplace. This research can help with past, present and potential customer of the products or services you wish to sell. Market Research shows the characteristics of the customers, their spending habits, it help companies to determine locations and needs of their target market, it helps to understand the industry as a whole and it can give you an insight of the type of competitors you may face. Market research can be conducted using such techniques as surveys, product testing and focus group. You can conduct market research yourself, or by a third-party company that specializes in market research. When using an outside research company, test subjects are usually compensated with product samples or paid…...

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