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Market research can identify and solve business problem.

Market research is classified into two categories: problem identification research and problem solving research. Problem identification research helps the marketing teams to identify the problem and its implication. Through problem identification research the factors like market characteristics, brand image, market share and market potential are discovered. Brand image is the customer's perception about the company's brand; market characteristics looks at the variety of preferences of the customers; market potential refers to the product's potential profit and the demand elasticity of the products; market share gives an estimate of the share of market that is captured by the concerned company. The research options like market segmentation, distribution research, pricing research, promotional research and product research help solve potential problems. Distribution research determines where the product should be sold; market segmentation involves grouping customers with similar backgrounds and preferences; pricing research determines the actual price of the product; product research involves testing a new or revised product and regular up gradation and promotional research measures the effectiveness of advertising strategies. Read more at:

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