- Help in identifying the problems that exist related to the marketing or any other factors that affect the marketing
- Define the problem precisely so that the actual problem is identified.
- Collect all the information that is needed to market properly
- Look for new markets
- Find ways to make old markets more profitable
- Identify customer needs
- Help develop and implement a plan according to the research findings
- Evaluate the decision by keeping track of the decisions and monitoring the market constantly.
A company could undertake market research for a variety of reasons, mostly to do with gathering data. A company could do some market research to determine the feasibility of a new product or service it is launching being a success story. Another reason a company could undertake market research could be to check how an existing product is doing.
Therefore, as can be seen from the above, the primary objective of market research is data collection for analysis. Once the data has been collected from the market research, the next step is to analyze the data and determine the causes of the failure or success of the product or service, as the case may be.
It enables us to know the needs of consumers, the kinds of product they prefer, the ongoing prices in the market, the past or latest market trends, etc.
The research can be done via a lot of techniques which can be orthodox or newly oriented. It helps us to create a database of the customers, their preferences, lifestyle, buying habits. This leads in making focused offers to the consumer.
It helps us to know which products move in the market and why so.
It helps new entrants plan their channels by studying the current ones.
Conclusively, marketing research consists of people, equipment, procedures, etc. Which help the managers determine their marketing strategies and future goals.
The purposes or aims of advertising research for marketing objectives are given below.
1.) Identify the customer response to the firm's commodity.
2.) Understand the consumers' requirements and anticipations.
3.) Seek maximum information regarding the buyer, i.e. The know consumers' income variety, their location, purchasing behavior, etc.
4.) Know the type and degree of opposition and also the strength and weaknesses of the adversaries.
5.)Assess the reaction of the dealers to the company policies.
6.) Value the stature of the company in the marketplace.
7.) Identify and solve the marketing problems of the corporation.
8.) Search for new marketing chances.
9.) Find out alternative uses of the current products.
10.) Estimate the expense of marketing of goods and service.
11.) Help inc to introduce new products in the market and enhance its present products.
12.) Help a business to choose an appropriate channel of distribution and test the effectiveness of this distribution channel.
13.) Facilitate business to select suitable sales advertising measures and analyze the potency of the sales promotion methods.
14.) Helps the firm to decide on a suitable media for advertisements and find out the overall impact of ad.
15.) Help the advertising manager to decide regarding the grade of the product, product change, promotion, pricing, branding, etc.
16.) Supply advice to top-level of direction for making goal, procedures, programs and schemes.
17.) Provide prerequisite info to forecast the promotion budget.
18.) Supply up-to date information about marketplace trends, demand and offer position, etc.
19.) Forecast the potential sales and business states.
20.) Marketing study is very helpful to government, manufacturers, wholesalers, retail merchants, consumers and also to whole society.
To create a context that will eventually result in profit.
Find out the needs of the market?
Find out trends in the market?
Find out the application of market?
Find out the history of market?
Find out the future scope of the market?
Does a Complete analysis of market?
BrandEssence Market Research provides qualitative market research reports. Contact now: 44 2038074155
Hello, market research is carried out to find the specific
needs of customers through primary or secondary data. The aims are to reduce
the risks of making losses, meeting consumer demand as well as collect data
about competitors, in order to compete effectively on the market. I hope my
answer is helpful for you.
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