Market research involves the capture and analysis of consumer, competitor and market trend data. As markets change constantly it is important for businesses to have a comprehensive view of consumers in order to develop products and services that satisfy their needs better than the competition. JD has established research mechanisms to provide ongoing feedback. By understanding its consumer base, JD has established itself as the market leading retailer of fashionable sports and leisure wear.
Payments firm Paypal performed extensive market research before launching its new chip-and-pin machine. The product offers new sales methods to UK small businesses that have previously relied on cash. Paypal spent time talking and listening to small businesses to ensure its new product satisfied their needs. (BBC, 22nd February 2013)
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