Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs.
While market research is crucial for business start up, it's also essential for established businesses to increase profits. It's accurate information about the marketplace, the target market (customers) and the competition that allows the development of a successful marketing plan
Some major benefits are -
Marketing research assists in providing accurate and latest trends related to demand, consumer behavior, sales, growth opportunities etc.
It helps in better understanding of the market, thus helps in product design, features and demand forecasts
It assists in studying and understanding the competitors, thus identifying unique selling propositions for a business.
Mildtrix Business Solutions Pvt. Ltd. can generate revenue from a variety of sources, including operating income from sales, royalties, dividend and interest income from financial assets it owns, payouts from insurance policies, rental income and capital gains from the sale of owned properties. However, even where organizations derive little or no taxable income directly from operations stemming from sales -- such as an investment company -- they must still generally have some sort of sales effort to generate investment revenue to fund their investments in income-producing assets. For example, a limited partnership must often engage in a concentrated sales effort to recruit more limited partners.