Companies want to make the best marketing decisions possible regarding which customers to pursue, which products or services to introduce or promote, where to sell their products or services, and at what price. Although not perfect, the use of market research reduces some risk. Suppose you want to open a bow tie shop in Washington, D.C. What information would you want to know before funding such a project?
Every company wants to make good profits with making best marketing decisions. So if i want to open a bow tie shop in Washington, DC, i first gather information about the demand of bow tie around the area. i would gather information about types and colors and quality of bow ties which the customers would want around that area. Then after taking this information, i will start that project.