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Asked a question 2 years ago

What Is Market Research?

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Just having a strong gut feeling isn’t a very good reason to launch a product in the market without validating its demand218, develop a marketing strategy316 without knowing the target audience, or just start a business when you don’t even know who your competitors are.

Accurate and thorough information is a prerequisite to a successful business venture because it helps the entrepreneur213 to determine the feasibility of his business before committing much to it.

Market research is what provides him with the relevant data to help him solve the challenges he’ll face during his business tenure.