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Segmentation includes a lot of market research, since a lot of market knowledge is required to segment the market. Market research about market structures and processes must be done to define the “relevant market”. The relevant market is an integral part of the whole market, on which the company focuses its activities.
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
A technical report (also scientific report) is a document that describes the process, progress, or results of technical or scientific research or the state of a technical or scientific research problem. [1] [2] It might also include recommendations and conclusions of the research.
The marketing research process is a six-step process involving the definition of the problem being studied upon, determining what approach to take, formulation of research design, field work entailed, data preparation and analysis, and the generation of reports, how to present these reports, and overall, how the task can be accomplished. [1]
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Market research studies is one of the most important sections of the feasibility study as it examines the marketability of the product or service and convinces readers that there is a potential market for the product or service. [citation needed] If a significant market for the product or services cannot be established, then there is no project ...
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