Question

What is the significance of market research planning and why you think it is critical for marketing professionals to focus in this way. Provide relevant context or examples to support your comments.

Answer 1

There are many types of Market Research methods. All types have different areas in which the business wants to gain knowledge/insight in. For example, a firm indulging in a brand awareness research wants to know how well the consumers know the company's brand and what needs to be done to improve brand awareness/loyalty. Market research planning has now become very important for new as well as established firms in any industry. For new firms, it can help the firm decide which class/segment of consumers they want to target their product to and what their needs and expectations are., also how much the consumers are willing to pay for the type of good the firm is about to offer. For an established firm, a market research can help analyse how loyal consumers are to the brand and how they perceive the firm's competitors. Market research planning helps the firm in deciding which market research to deploy depending on the needs of the firm.