An example:>
When duvets were first advertised the adults were not interested, they liked their sheets that they were used to.
I aimed my adds in children's comics and magazines, then got a manufacturer to make some up in nylon in single sizes and the sold like hot cross buns on a good Friday.
Mums soon got the message that life was easier when the went in the washing machine and no ironing.
As i was enterprising and the only one with them i made good profits.
Business decisions that are based on good intelligence and good market research can minimise risk and pay dividends and by making market research part and parcel of the business process and conducting market research throughout the lifecycle of a product or service market research will bring the following benefits.
It is important to a business so that they know that the customer wants. Without it how would they know what service/product to provide. The defenition is 'the process of gaining I formation about customers, competitors and market trends'. It is not just trying to find out about the customer they have to reaserch existing businesses so they can be better than them.
Try google or read a suitable text book/attend your lectures!
i am studying for my next business exam and i'm having difficulties understanding why market research is important to businesses, can you write down a proper answer and provide sources/links?
