Marketing research is a systematic and objective collection, analysis, interpretation of data and communication of marketing information relevant to a particular marketing problem. A company or organization can research about the market before initiating any marketing activity like sales and production to identify niche markets.
Advantages of marketing research
· It indicates opportunities for products and market development, a company can then decide on the production, sales and production plans after identifying the opportunities.
· It provides a basis for sound, market led decision making by providing information to reduce