How important is Market Research?

Do you know of any examples where a product failed due to inaccurate research or the failure to perform research? How about an example where a product succeeded due to a solid market research? Thanks

How important is Market Research?
Businesses that invest time in market research increase their chances of succeeding in international markets.


Researching potential markets can help your company by:


Finding where your products are most likely to sell


Identifying market segments and niches


Determining both domestic and international competitors


Discovering how to overcome barriers to market entry


Understanding customers' needs


Identifying new trends


Establishing fair market prices for your products





To make informed decisions you need knowledge


To gain knowledge you need information


To gain information you need data


Information is strucuted data


Data can be statistical data
Reply:I was part of the original team that named Dentyne Ice's Tango gum . I later read in Latina magazine that this name showed zero respect to the Latino community.





Our test group was based in Canada and frankly, until I moved to the United States, we based our name research on the saying "it takes two to tango", hence chewing the gum would provide romantic possibilities. The gum is very much still around, but maybe not so popular in the Latino communities.
Reply:The Ford Edsel is a classic example of a company following its own plan while failing to determine what the market wanted.





The HMS Titanic is a classic example of a company following what the market wanted without a reliable plan.
Reply:The Chevy Nova.





It means "no go" in spanish

dr teeth