Business

Most customer needs are based on good quality, good product range, convenient location, good customer service and a fair price. 

Market research: Market research can tell a business:

• What features customers want
• How much they are willing to pay
• Where they shop
• What age and gender they are
• Who the main competitors are
• If the market is growing or shrinking

These questions can be answered through:

• Primary Research - collecting data that did not exist before (e.g. by asking questions)
• Secondary Research - Collecting data that already exists (e.g. internet research)