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Business Studies

Market research

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Marketing is about responding to consumers' needs. It is important to find out what these needs are before launching a new product.

A business conducts market research to help identify gaps in the market and business opportunities.

What is a market?

A display of tins and jars on a shelf in a shop

A shop is an example of a market

Businesses sell to customers in markets. A market is any place where buyers and sellers meet to trade products - it could be a high street shop or a web site. Any business in a marketplace is likely to be in competition with other firms offering similar products. Successful products are the ones which meet customer needs better than rival offerings.

Markets are dynamic. This means that they are always changing. A business must be aware of market trends and evolving customer requirements caused by new fashions or changing economic conditions.

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