Market Research


All businesses need their customers to buy their products, otherwise, they won't survive

Market research allows a business to understand its customers and competitors

One purpose of market research is to identify who the business's customers are

Can be used to give a business an understanding of their customers

Customers' needs may include things like:

  • type of product
  • quality
  • price
  • convenience
  • variety (how much choice) 

By understanding customers' needs, businesses will be better able to make products that meet these needs. 

Market Research helps a business to: 

Make informed decisions Such as:

  • what products to sell
  • where to sell them
  • what price

Stay competitive:

  • gathering information allows a business to see how they are different. Help to improve strategies
  • Help a business spot when a group of customers has a need that isn't being met (a gap in the market). In order to develop a way to develop their product to fill that gap before their competitors. This might mean developing a new product, or selling an existing product in a new place or at a new price, or promoting it in a new way to convince customers they need it.

Reduce risks:

  • if the price is too high or the customers don't want a product or it is in the wrong location, it could end up losing money 
  • could help the business to avoid costly mistakes
  • ensure business survival

Increase sales :

  • the demand for product or service is how much of it people will be willing to buy at a given price. Knowing the demand for a product can help a business increase sales by adjusting their pricing. This should ensure survival

Primary Research

  • Involves…


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