Question

Why is marketing research important to the development of a marketing strategy?

Answer 1

Note: These type of questions can be answered well when there is a word limit given. However I will give a brief description.

Market research allows in creating targeted marketing strategy, which leads to increased sales, improved customer satisfaction and eventually maximized wealth of the company's owners.

With market research, corporates get a clearer picture about the commodities they offer. They can use such information to refine and fine-tune the products and services they offer and/or plan to offer, as well as to redefine their business plan. Market research gives the most accurate statistics on how acceptable the products and services and even the company are, to the target market. This is of vital importance to corporates.

References and additional reading materials if needed:

1. https://www.morebusiness.com/market-research/
2. https://www.morebusiness.com/ah_planmar/
3. http://www.marketresearchworld.net/index.php?option=com_content&task=view&id=14&Itemid=38
4. https://bizfluent.com/facts-5611783-advantages-disadvantages-customer-feedback-surveys.html
5. https://www.inboundnow.com/the-importance-of-market-research-in-developing-a-successful-marketing-strategy-for-your-brand/

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