Market planning

Research is used in market planning to keep the firm in touch with its markets and customers:

■ identifying, measuring and describing key market segments' behaviour and attitudes

■ assessing relative profitability of markets over time

■ analysis and interpretation of general market data

■ placing individual customer transactions, perhaps recorded on a database, in the broader market context

■ analysing business potential of new market areas

■ identifying and evaluating markets for products and new products for markets

■ measuring consumer preferences

■ identifying changes in competitive activity

■ sales forecasting.

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