Chapter 2Overview of Market Research

The situation analysis is based on the information you have access to. The more precise the information, the better the decision making. When you start the process with some information on hand, it will most likely be necessary for you to engage into some market research activities to collect the missing data.

Market research is done for two audiences. First, it is done for the organization itself so it can make optimal decisions, e.g., when the lack of information could cost the organization more compared to the cost to acquire the information. Second, market research is done to convince potential partners and investors, by demonstrating the validity of an organization’s marketing strategy. This information ...

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