Essay: Extensive market research
Extensive market research can help the people achieve the objective of enhancing the quality of the product by helping the organization engage in research and development.
Research and development can also be used to enhance various aspects of the product for example introducing a newer and improved way such as using advanced technology to produce a high quantity of good in a small amount time, with minimum wastage in the industry. As wastage goes down, the company can automatically prevent themselves from incurring major losses and also tailor their product according to the changes in consumer demands and needs. These aspects ensure success for the company and increase their probability of making a high profit in the long-run. (Whitney, 1998)