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, providing them with valuable insights on market size, trends, and growth, therefore, increasing their turnover and profits.