Question

This use of market research can help businesses develop effective plans of action to address customers' concerns.
Identify if communications are effective.

Identify value.

Identify threats and investigate the competition.

Identify if customer needs are being met. (PLZ HELP)))))))

Answer 1

Answer:

Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.

It’s the simplest way for entrepreneurs to keep up with market trends and maintain a competitive edge by sizing up your business opportunity.

Market research can be carried out at various stages of a business life cycle, from pre-launch and beyond. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition.