15 points In a paragraph of 125 words, explain the importance of market research, being sure to include the four basic steps and the two ways to gather information.

Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies whether they are meeting their customers' needs. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods--and even whether they should consider offering additional services.

Collecting primary research can include:

Interviews (either by telephone or face-to-face)

Surveys (online or by mail)

Questionnaires (online or by mail)

Focus groups gathering a sampling of potential clients or customers and getting their direct feedback

Two ways to gather this information would be asking questions and gathering data from trusted sites or books.

Explanation:

answer; common market;

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;