Julia C
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Why should a business carry out market research?
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Super116
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Hi 🙂. A business should carry out market research in order to find what its target market wants. This is especially useful because it can give a business a good hindsight into whether their product or service will be successful in that market or not. Furthermore, carrying out market research will may allow a business to discover a gap in the market which has not yet been exploited by other businesses and could give that company a competitive advantage.
Generally, primary market research is more useful for a business than secondary research because primary is when a business collects data itself so it knows what exactly it is looking for.
Consider the nature of the business. For example, a new business which has recently started may have difficulty in conducting this because the entrepreneur may lack experience and most importantly, the finance to do so.
Also consider the effect it will have on the functional areas. For example, the data may show a business that its products is likely to be successful in the market it wishes to penetrate. This data can help the HR department because it may mean they will have to advertise more jobs to meet demand and for operations, perhaps investing in more machinery to cope with supply and demand.
Hope this helps 🙂.
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Julia C
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(Original post by Super116)
Hi 🙂. A business should carry out market research in order to find what its target market wants. This is especially useful because it can give a business a good hindsight into whether their product or service will be successful in that market or not. Furthermore, carrying out market research will may allow a business to discover a gap in the market which has not yet been exploited by other businesses and could give that company a competitive advantage.
Generally, primary market research is more useful for a business than secondary research because primary is when a business collects data itself so it knows what exactly it is looking for.
Consider the nature of the business. For example, a new business which has recently started may have difficulty in conducting this because the entrepreneur may lack experience and most importantly, the finance to do so.
Also consider the effect it will have on the functional areas. For example, the data may show a business that its products is likely to be successful in the market it wishes to penetrate. This data can help the HR department because it may mean they will have to advertise more jobs to meet demand and for operations, perhaps investing in more machinery to cope with supply and demand.
Hope this helps 🙂.
Thank you so much for all of this you have no idea how much this helped me! I would love for you to PM me so we can talk more
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