When Is Market Research Needed?
• When starting a new business
• Expanding an existing business (adding a new product or service)
• Assessing customer satisfaction
• Uncovering causes relating to business downturn
• Determining the best pricing strategy
• Determining the best advertising strategy
• Determining the advantages/disadvantages of your business against the competition
• To understand behaviors and attitudes of current and potential consumers/markets
• Determining the different consumer segments within your market