Market research is an integral part of business and critical for effective strategy development. Market research provides information on existing and potential markets, which products or service to introduce, in what quantity and qualities, and at what prices. Market research also assist in identifying the best distribution channel to use.
In feasibility studies, market analysis, also known as market forecasting, can be done by both primary and/or secondary research sources and can be used to predict future sales. Market research has played a significant role in opening new markets for companies to explore, therefore, increasing their turnover and profits. Market analysis is used by companies across various industries like retail, pharmaceuticals, automotive, etc., as a key factor to determine business direction.
Market analysis provides them with valuable insights into the market they are operating in, along with information on market size, market trends, market growth, etc. Market analysis is necessary for any business to make sound decisions about their future investments and developments.