Question

Why do many business owners avoid market research? Question options: They're afraid of hearing any negative feedback. They don't know how to do it. They're unwilling to take the time. They're shy.

Answer 1

In most cases, the business owners are unwilling to take the time. Market research is incredible important when running a business, and by not doing it, you are going into a market that you have no idea about. This can hurt the business in the short-term because they won't know which demographics to serve, how the location they're in contributes to their sales, what products or services are popular, and if there is a lot of competition in their market. All these can have negative impacts on the business and it's why market research is so important!

It can also be because they don't know how to do it. Most business owners don't really know how to research demographics and competition, so they tend not to do it, or hire others who how to do it.

Answer 2

Many Business owners avoid Market Research because they are unwilling to take the time.

Large organizations are usually very keen to know what their customers or general public think of their product. They have assigned a full separate department who develops surveys and make them done by the customers to know about the satisfaction level regarding their products or services. But mostly in medium to small organizations, and sometimes in large organizations, owner are not willing to do the market research. This is because of the fact that they think Market Research is the waste of time, and there is no need to do it again and again. It is the waste of time as well as the resources of the company.