How critically is Marketing research in Business set up? Which of Marketing Mix needs MR the...

How critically is Marketing research in Business set up?

Which of Marketing Mix needs MR the most?

What are the Advantages and Disadvantages of MR?

Solutions

Expert Solution

Marketing research provides the information about the trends of market in which the business is setting up or their products has to be launched by the business. How much marketing research is critical in setting up of business is explained in below points-

· Process Customer – It is most important for the business to know the needs, wants of customers, how much they are ready to pay for those commodities and which area of market has higher demands. Market research helps in identifying all these things that helps the business to grow in market easily.

· Competitor analysis – Market research helps in identifying the potential competitors that are already existing in market or emerging as new entrants. This helps the business to present something different from the competitors to gain customers.

· Marketing techniques – Marketing research helps in deciding which marketing techniques would be useful to promote the product in market. If market is large then advertisements can be done and if it is small then personal selling can be used. Marketing techniques are very important for every business to reach the consumers.

Note – As per out guidelines, I have answered first question, please post rest of the questions again.

keosha answered 3 weeks ago

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