Following points describe the usefulness of market research:
- Information about customers: Manufacturers, retailers, etc. of all kinds of services need certain kinds of information in order to be able to satisfy their customers’ wants and needs.
- Design in Marketing programs: In order to design effective marketing programs, research is essential.
- Decisions: In dealing with recurring decisions of any enterprise information through such research is vital.
- Choosing Marketing program: For satisfying the diversity in consumers’ characteristics, a firm wish to determine the most appropriate market, product or information so as to choose a combination of marketing programmes which could satisfy the customers.
- Helpful in Feasibility study: Before preparing a business plan, the entrepreneur has to do a quick feasibility study of the business concept to find the possible barriers to success.
