Market research is of equal importance to a business. As discussed previously, our economy is very diverse and constantly changing. A business must study the environment and population so as to comply with the consumers buying patterns, needs and wants. A company can do this through market segmentation, demography, and by the use of questionnaires and surveys. Market research can be carried out by the use of market segmentation, which is the dividing up of the market into similar groups so that each group may be studied and carefully examined. Demography is the study of the population as a whole through the use of statistics. Finally, questionnaires, surveys, consumer test panels, and the observation of shopper behavior in stores can also aid in identifying and characterizing a market within the economy. This will surely keep a business up to par on the changing economy in the present, as well as forecasting future trends which has also proven to be necessary in order to operate as a successful business.…
