Importance of market research
In order for a marketing strategy to be effective the firm must carry out proper market research. As it helps the firm to identify the relevant problems and clear out any unnecessary problems resulting in management to work more effectively as the information collected from the market research will be accurate and relevant. Market research also assists in indentifying and evaluating any opportunities for organisations, it can also be used for analysing market segments and selecting target markets.
Market research is also used by a large majority of organizations today to determine the best way to market to the organization’s target audience. In using market research, the results provide the organization’s management team with information on how the product and or brand are currently being perceived by the public. This is important because if the public does not have a positive outlook on the brand or product, then the organization must change the current outlook to generate a positive attitude towards the brand but also to increase revenue through demand of the product. The results from the market research will assist in planning and implementing a marketing mix that will best satisfy the customer's needs.
Market research can take form in two different forms being primary and secondary. Primary research is what requires you to go out to the field. This form of market research is often considered to be the most important when discussing market research it has been carried out by the organisation themselves and is therefore more likely to be relevant to goal which the organisation has set. Primary market research is data that has been collected through processes that involve direct interaction with the target consumer segment. It gives information on a number of things like what does the target audience think about your product category, how do they consume it, what are important considerations for choosing a particular brand, and what is the competition like. All
Market research is also used by a large majority of organizations today to determine the best way to market to the organization’s target audience. In using market research, the results provide the organization’s management team with information on how the product and or brand are currently being perceived by the public. This is important because if the public does not have a positive outlook on the brand or product, then the organization must change the current outlook to generate a positive attitude towards the brand but also to increase revenue through demand of the product. The results from the market research will assist in planning and implementing a marketing mix that will best satisfy the customer's needs.
Market research can take form in two different forms being primary and secondary. Primary research is what requires you to go out to the field. This form of market research is often considered to be the most important when discussing market research it has been carried out by the organisation themselves and is therefore more likely to be relevant to goal which the organisation has set. Primary market research is data that has been collected through processes that involve direct interaction with the target consumer segment. It gives information on a number of things like what does the target audience think about your product category, how do they consume it, what are important considerations for choosing a particular brand, and what is the competition like. All