Why Conduct Market Research?

-Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy.The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.



Market Research is a key factor to get advantage over competitors. Market research provides important information to identify and analyze the market need, market size and competition.



Market research,as defined by the ICC/ESOMAR International Code on Market and Social Research, includes social and opinion research, [and] is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.to figure out if you have any potential costumers to begin with.........

if there are any competitors in the field...if so how many and how big are they.....

who should you try selling your product to...

etc.



without marketing.........trying to sell a product is like winking at a girl in the dark



so it's a good idea to research all these questions beforer starting a business