What is the need of doing market research? Many say that a lot of research is wastage of time and resources. What are your views and why?

7 Reasons to Conduct Your Own Market Research

1. To identify potential new customers

2. To understand your existing customers

3. To set realistic targets for your business

4. To develop new, effective strategies

5. To examine and solve your business problems

6. To prepare for possible business expansion

7. To identify new business opportunities

Market research is mandatory before launching a new product/service. Without market research, you will not know whether the product is wanted by customers or not. It also helps setting the right price for a brand new product.

Conversely

Research puts you in the right place

Show you what may Iatrdk problems

 

And what awaits the chances

The main aim of Market research is to Plan A Head for future. Market Research helps to do SWOT analysis and to know where we are...

It also helps to know current market trends, identify the market needs, identify potential customers and helps us to plan ahead. Which will definitely be an advantage before the competitors.

Thanks / Praveen 

Research is a useful tool but the evaluation depends very much on how it is conducted in relevance to the very purpose for which it was initiatied

I fully agree with Mr. Hossain's excellent submission. In addition to this; marketing research is considered a "waste of time" only if it is wrongly conducted & not implemented or it isn't properly implemented BUT short of this, marketing research is relevant & necessary. Thanx for the invitation