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Essay sample - Conducting a market research project
Pages 19 (4769 words)
[Name] [Course Title] [Instructor Name] [Date] Conducting a Market Research Project Introduction to the research In today’s dynamic and competitive environment, it is vital for every organisation to keep track of the changes happening in its surroundings so that it can maintain its competitive edge in the market (Malhotra, 40)…
Market research is defined as a systematic and organised process that is conducted by a company to gather data about the perception of its offerings i.e.to determine the satisfaction level of customers with the existing products or services and identify any unmet needs of the customers so that they can be provided the respective products or services (Malhotra, 100). There are many purposes of carrying out a market research such as identifying any need or demand of the customers that is not fulfilled by the existing brands, helping an organisation in identifying any flaws in their existing offerings, gather in-depth insights about a new product that is in the development phase, analyse the activities of the competitors and ensure that necessary steps are taken to identify any significant change that is most likely to happen in the environment (Yin, 65). However, majority of the time, the companies perform a market research to determine the customer perception about their existing product or service offering. Determining the satisfaction level of the customers through market research allows organisations to understand the areas that need more attention in the product and the innovations required in new products. ...
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