Marketing research is an important attribute of any business strategy today, as it provides opportunity to see trends and understand the prospects for market development. Forecasts of market dynamics and structure make it possible to determine the growth potential for existing and new players.
5 important reasons to do market research
- Understanding the size of the market – is especially critical when company entering export markets, as well as when it is developing investment projects. Because penetration of a new market is always associated with investment costs, which should be paid off by the potential of its size growth.
- Awareness of new niches
- Launch of a new production
- Increasing sales volume
- Sales channels expansion