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Market research consists of gathering data about people or companies – the market – and then analyzing it to better understand what that group of people needs. The results of market research, which are usually summarized in a report, are used to help business owners make more informed decisions about the company’s strategies, operations, and potential customer base.
Understanding industry shifts, changing consumer needs and preferences, and legislative trends, among other things, can shape where a business chooses to focus its efforts and resources. That’s the value of market research.
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