arket research is a very important part of initiating a new company and also very important for expanding your already established organisation to unknown realms. Market research is important for you to take the right decisions which will be beneficial for your company. You can only do this if you have an insight into the market you wish to target, scope out your rivals, and your product feasibility in the market and the customers you can reach out to. To be able to run a successful business, you will need to understand your customers.
Every entrepreneur takes on risks to start something new and make it successful, only a smart entrepreneur understands and formulated market planning based on the results of market research. Some corporations feel that they have an understanding of their customers without even talking to them, doing so not only hampers your chance of your birth in a new market but it also ruins further chances of business expansion. It will be a very expensive mistake indeed. To chalk out a plan for your organisation to thrive anywhere, you will need to analyse the terrain and this is where market research comes in.