Market research involves the capture and analysis of consumer, competitor and market trend data. JD (part of JD Sports Fashion PLC), the UK’s leading retailer of fashionable sports and leisure wear, uses market research to support and develop its business. It enables JD to assess more accurately the level of demand for its products. It also influences decisions to target capital investment on projects that will offer the best return on that investment, such as opening a new store or entering a new market.
Market research provides feedback and insight. It is used by organisations across all sectors. For example, in Northern Ireland a survey was used to gather pupil’s opinions about the way their schools share classes with pupils from other areas. The results were used in a recent report on shared education. (BBC, 24th April 2013)
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