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What do you mean by market research?
Market research is mainly about listening to individuals, analyzing the information or data to help various organizations so that they can make better decisions related to their business strategy. It enables companies to discover their target market and what the consumers think about them. With market research one can determine the need for your service and to determine a product’s favorable sell and other factors.
Characteristics of market research
There are some characteristics of market research which all management students should know and those are listed down as follows-
- It is systematic.
- It is objective.
- It reflects true state of affairs.
- It uses the scientific method in that all information are collected and analyzed.
- Involves a breach of professional standards.
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