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When businesses are deciding how to develop their products and services, they undertake market research. Market research can either be done by the company itself or taken from elsewhere.

Segmentation is how a business splits up its target market and is based on location, demographics, behaviour, lifestyle, income and age.

The competitive environment relates to how a business is affected by its competition and how it adapts its businesses practices to enable it to compete effectively.

Customer needs are the things that customers require when purchasing a product or service. Businesses must find out about their customer’s needs in order to be successful.