9609 · 3.2.1
The purposes of market research
**Purposes of market research** (3.2.1) opens **Topic 3.2**. Case questions ask why a firm **should/should not** research — link purpose to **specific decision** (new market entry, rebrand, price change).
Need to know
What you need to know
- Replaces intuition with evidence-based decision-making.
- Reduces financial risk by preventing investment in non-viable products or strategies.
- Minimises reputational risk by aligning business activities with consumer expectations.
- Identifies potential problems before significant resources are committed.
Explanation
The purposes of market research
- Replaces intuition with evidence-based decision-making.
- Reduces financial risk by preventing investment in non-viable products or strategies.
- Minimises reputational risk by aligning business activities with consumer expectations.
- Identifies potential problems before significant resources are committed.