(a)For an entrepreneur market is the only place where he can carry out or generate maximum ideas. Such a study yields valuable data about trends of supply, demand and consumer taste and preferences.
(b)Market research is any organized effort to gather information about target markets or customers as it is one of the important component of business strategy.
(c)Market research is a key factor to maintain competitiveness over
competitors and it provides important information to identify and analyze the market need, market size and competition.
(d)It also includes social and opinion research by systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision-making.
(e)Idea generation develops from knowledge of the consumer, the market, the technology and the general environment, and it creates newness in product, production and marketing. It systematically develops product ideas to satisfy the aim of the project and therefore the business strategy.
