Customer or market research

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Customer or market research can produce quantitative facts about particular markets and market segments, for example, the size of the market in terms of both unit sales and value. When these data are collected over time, it allows one to identify trends and helps to predict future sales. It can also provide information on where customers are located, their spending patterns, their earnings and their creditworthiness. It can also explain why customers prefer one brand to another and what price they are willing to pay. Market research can also provide information about market share of all the firms operating in a market or market segment.

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