Why is Market Research Important? Market research as a business tool is important in that it enables businesses gather information about a product, a market or a service to be presented for sale on the market, the price margins, the available competition and then analyzing the information so obtained to make your own product the best and most competitive in that market.
A marketing research report would thus be crucial to any organization willing to venture in business as it gives a picture of what kind of new products and services may bring profit. What is Big Data? Big Data refers to large groups of data that can be brought together analyzed and interpreted to determine market trends and patterns and help make better decisions in regards to how well a company can brand their product so that it meets customer expectations and becomes a market threat to other available products.
Author: Sarah Smith