Outline the importance of businesses engaging in market research - Leaving Cert Business - Question 7 - 2022
Question 7
Outline the importance of businesses engaging in market research.
The Cleaning Crew, a home and industry cleaning company based in Wexford, has seen growth in deman... show full transcript
Worked Solution & Example Answer:Outline the importance of businesses engaging in market research - Leaving Cert Business - Question 7 - 2022
Step 1
Establish Size/Potential of Market
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Answer
Businesses undertake market research to identify the size of the market and the potential percentage of the market that they could target. Understanding this helps businesses gauge the feasibility of entering new markets.
Step 2
To identify if there is demand for a product/service
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Market research can be performed to test product viability by establishing if there is a viable market for the product. This assessment identifies customer interest and readiness to purchase.
Step 3
To set prices
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Market research aids in determining costs associated with production, available profit margins, and the most suitable price to charge based on target market's willingness to pay and competitive pricing strategies.
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