Question

Defined marketing research and explain it's important to marketing decision-makers?

Answer 1

Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. It also allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.

Importance of marketing research.

• Easily spot business opportunities.
• Lower business risks.
• Create relevant promotional materials.
• Know where to advertise.
• Outsell competitors
• Set better goals for your business.
• Decision making becomes simple.

Now we will see how marketing research is important for marketing decision makers:

The need for marketing research frequently comes up when making tough business decisions.Instead of having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report. Based on that report, will this decision lead to more customers? Will you be able to reach more people who are likely to buy from you? Will it be clear to them that your business can meet their needs?

Some decisions solved by market research, many of them can be, such as:

• Where to spend your advertising or marketing budget.
• Whether there is a demand for a new product you want to make.
• If you should open a storefront in a new location.
• Which products to discontinue and which ones to merely improve.
• How to price all your offers.

There is a real need for market research because it provides you with solid facts. Through market research, you will make more informed decisions rather than resting the fate of your business on guesswork.