What Role Does Market Research Play in the Business Lifecycle?
Market research is crucial at every stage of the business lifecycle. During the development phase, it helps identify target markets and validate business ideas. In the growth stage, it guides marketing strategies and product development. For mature businesses, it highlights customer needs and market trends, informing innovation and competitive strategies. During expansion or renewal, market research identifies new opportunities and assesses risks. Finally, in the decline stage, it can uncover potential areas for revitalization or inform exit strategies.