What is a necessary action for a business to take when recognizing an opportunity in the market?

Designing a product based on market research is essential when recognizing an opportunity in the market because it directly aligns the business's offerings with the needs and desires of potential customers. When a business identifies an opportunity, it must understand exactly what that opportunity entails, and conducting thorough market research is crucial to gather insights about consumer preferences, trends, and gaps in the market. By using this data to inform product design, the business can develop solutions that are more likely to succeed and resonate with its target audience.

Additionally, this action ensures that the product is not only innovative but also practical and viable in terms of market demand. Market research helps in minimizing risks associated with product development since the business can tailor its offerings based on informed decisions rather than assumptions. This increases the likelihood of capturing market share and achieving sustainable growth in a competitive landscape.