Question by  lamontepenn (26)

What is the importance of market research?

I need to understand the need to do market research when opening a new retail store.


Answer by  SonnyBoy (14)

When you do market research, your trying to determine whether your business would do well. Are you in the right area? Who are your customers? What are they buying? What are they willing to pay? Does anyone want what your selling, among other things. Market research is extremely important in determining the risks and rewards of doing business.


Answer by  tamarawilhite (17883)

Where are your customers? How much do they spend on your product. What competition is there in the area where you want to be located? Market research answers these questions.


Answer by  Marie (778)

The goal of market research is to learn whether your business or product is likely to succeed given consumer preferences. Through this research, you may find ways to adjust your products and/or marketing methods. You should find out where people currently buy the type of product you will be offering and survey them on what could be improved.

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