- Created by: Becky_strawberry
- Created on: 28-11-18 17:43
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
- 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
- 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.
- 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.