What are the 4 main purposes of market research?

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The four main purposes of market research are to identify market opportunities and trends, understand consumer preferences and behavior, assess the competitive landscape, and optimize marketing strategies and product offerings. By conducting market research, businesses can make informed decisions, mitigate risks, and stay competitive in their industry. It helps in targeting the right audience, tailoring products or services to meet their needs, and ultimately maximizing profitability and growth.

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