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Market research is crucial for the best pricing of products. No customer will purchase your products if they are exorbitantly priced and therefore, figuring out the industry accepted and commonplace costs of merchandise is a should. Market analysis helps you already know in what sort of market you are operating. If it is a monopoly market, then you can repair higher costs as compared to the perfectly competitive market by which prices are low and steady due to existence of a number of sellers. With the assistance of market research, you’ll be able to know of the patron’s buying or spending power, and thereby adopt a good and proper pricing policy to outlive available in the market.
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