Business research is an ongoing process to analyze product and service characteristics, supply conditions, business circumstances and opportunities and procedurement decisions.
By studying the preferences, satisfaction and behavior of your customers, businesses will be sensitive to customer needs, retain existing customers, collect basic information needed to attract new customers, and will have the opportunity to make better decisions.
By studying the particular product’s market capacity, key players, and the market share, the business can perceive the market conditions, optimize future decisions, and identify the issues to consider when entering new markets.
The study can be done to understand the internal and external environment of the organization, to define its reputation, and to identify the weaknesses and strengths of its services provided.
Product research is designed for organizations with the goal of introducing new products to the market, improving existing products, and identifying the needs of target customers.