Answer:
Market research is vital for business owners to identify industry trends and potential markets, analyze demand, forecast sales, and make informed business decisions. It helps business owners gain valuable insights into customer behavior, preferences, and emerging trends. This information allows them to adapt their products, services, and marketing strategies to meet evolving customer needs. Therefore, it may help stay compete and seize new market opportunities.
When starting a business, I would undertake a comprehensive analysis of the target market and customer segmentation. Understanding the target market's demographics, psychographics, and purchasing behavior helps tailor products or services to their specific needs. By identifying the target audience, businesses can develop effective marketing strategies, create compelling value propositions, and allocate resources efficiently. This initial research activity provides a solid foundation for making informed decisions about product development, pricing, distribution, and marketing communication strategies. Therefore, it sets the business on a path towards success.
Step-by-step explanation: