Market research is equally important for internal use in the planning processes of an existing business. Many firms continue to provide the same product or service over the years, as long as it sells, only to find that they have been overtaken by their competitors. Ideally, businesses should regularly revise products or services in order to keep up with customer demands. Market research is a structured way of keeping track of how the customer base is changing, what customers want, what competitors offer, and any changes which may affect the business.
- Cobweb Cobra - market opportunities outlined by sector
- The Market Research Society (MRS) publishes the Research Buyer's Guide and guidelines for carrying out market research.
Page Updated: 4th September 2017 (HLB)