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What is market research? That is the million dollar question that haunts everyday traders, producers and firms. Everyone thinks that he has the best product to sell and make profits from. But, as Rudyard Kipling puts it, ‘The Jungle Is Big and the Cub He Is Small, So Let Him Think And Be Still’. That is what every budding businessman should realize.
While thinking and being still, they should also conduct some research on the potential consumers and buyers for the products. The markets around them are teeming with competitive sellers and buyers, who have differing tastes and preferences. To woo them into buying your product, that is not easy. Which is why that before you actually land your caravans in the market, know your customers well?
Basics of Market Research
Research is a word that is associated with science and evidence of theories. But, the art of selling goods and services requires a blend of practicality and strategy. The practical part has to do with an analysis of the regular class of consumers and purchasers, spread over varying economic strata, social groups and communities. Market research involves taking a count of specific buyers or consumers of particular goods and commodities.