2.1 The purpose of market research - Word Drop

Market research is the process of collecting and analysing information about a market, good or service. Entrepreneurs carry out research ______ developing a product, so they can judge how likely it is to succeed with their customers. This reduces the ______ that the product will not sell.

Research aids decision making. It helps entrepreneurs to make better ______, for example what ______ to charge, how to advertise and which features to include. Research also helps an enterprise understand the ______ it sells in, including what ______ offer and where gaps exist. It gathers customers' views so that their needs and ______ can be understood.

Findings inform product ______ by showing what could be improved before the final version is launched. It also shows how a good or service ______ others already on the market. Entrepreneurs need research at ______, when planning a new product or making major changes to an existing one.