To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and...

Introduction
Market research is a tool rather an essential tool for the growth and survival of the
business. It helps in analysing the ways to improve the strategy of the business and Reduce
risks. This paper defines outlines for the different types of research and the ways to conduct
research in an effective way. Too often a business failure is said to be a reason behind an
unplanned market research. When a new business starts then entrepreneurs are looking to
minimize the risk and Market research is the primary tool which enables them to reduce risks.
 It helps is spotting upcoming trends and problems a business can encounter such as:
 It helps to identify the urge of new kinds of products and services customers are
looking for
 It spots any type of changes an can anticipate market trends
 In determining the status of customers as if they are satisfied or not
 It gives Businesses a competitive advantage by knowing key subtle issues
 It spots Warning signals in the business
 It helps in identifying which advertising technique would help best
 Keeps you in pair with new technologies and innovations
 Viability of any new idea and skill
Hence Market research is a risk minimizer tool. In other words it can be said that it is
a tool which helps you to stay in the business as well as build a more profitable business.
Any statistical data helps any business to understand the trends, upcoming threats and
opportunities about the business. This is an important criterion as it is a catalyst to take any
further decisions regarding new product development, recruitment of new employees,
expansion in new market, target which demographic segment. Also, in order to decide the
production units as per the population of...