Many businesses are Product Orientated. This means that they design and make a product, and then try and convince consumers to buy it. Business can also be “Market Orientated”. This is where they try to find out what consumers want before making the final product. Finding out about what consumers want and need, and what makes them buy, is called “Market Research”. Businesses which are mainly product orientated risk spending a large amount of resources launching a product which proves to be a failure. Researching the market helps reduce this risk. It should focus research and design effort onto products which have a chance of success in the market place. When the product is launched, a carefully researched product stands less chance of failing. Market research attempts to find the answers to questions a business might have about its market. A market resea....

Number Of Pages: 3

Number Of Words: 580

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