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| Market research involves collecting and analyzing data about a target market. Some common examples of market research are customer surveys and telephone interviews with target customers. Market research can shape the way a company does business and may have an impact on the products and services a company provides. For example, market research may show that there is no demand for a specific product. Armed with that information, businesses can focus on other products instead of wasting money on a product no one wants to purchase. Market research can also involve focus groups, where participants gather in person and give their information to researchers. |
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