Question

1. summarize the reading in less than one page

2. explaining to the class the significance of the reading.

https://hbr.org/1983/07/cost-conscious-marketing-research

Answer 1

Ans 1=Market research is the method of collecting & analysing info about consumer clusters, rivals, your industry & the overall business environment. Whether a firm is large/small, market research plays a significant role in decisions about what commodities to offer & how to market them. A small business proprietor must make obtaining market info an on-going activity & a top priority. He then can be more self-confident in the decision-making , knowing that the decisions were founded on solid info instead of conjectures / hunches.

Ans2=Small firms can profit just as much as large conglomerates from obtaining insight about their consumers & marketplaces whilst churning out new ideas. Though market research appears expensive, there are methods to obtain valuable know-how with no big outlay.

There is a considerable amount of free starter info which brands can track from the census, which records all the nation’s inhabitants once every decade, & also from the local authorities / other institutions.

Social media can also play a vital role for smaller firms & those considering growth.

Closely observing consumers and how their requirements are altering is vital to the growth of any business .