Market Research

Market research enables the company to understand a marketing problem better. The value of the results depends upon on 5 steps: Problem definition, Research design, Field work, Data analysis, Report presentation and implementation. New product ideas are likely to emerge from the market place during research. This is because changing fashions and improved communication networks are creating new aspirations among costumers. This information has to be solicited. It will not flow or be recognized in the hustle and bustle of chasing bottom lines curing routine every day business operations.