9609 · 3.2.1
The purposes of market research
9609 AS — why businesses conduct market research and how findings support marketing decisions.
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.