Why do producers/businessmen carry out market research?

Why do producers or businessmen carry out market research?

  • To find out whether there is market for the products to be produced.
  • To identify the features of a product e.g. colour, size and many others which customers need.

  • To find out the consumers tastes and preferences for a given product or service.
  • To establish the appropriate method of promoting the product and the channels of distribution for a given product.
  • To establish the methods used by the competitors to attract the attention of the customers and coming up with strategies of out competing them.
  • To determine the appropriate price at which consumers can afford to buy the product.
  • To enable producers match their products to the needs of the customers.

To establish the quantity of goods which customers are willing and able to buy


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