Define Marketing Research? Explain the Ethics in Marketing Research
Answers
Importance of Market research:
Every successful product or service that we use today started with extensive research about customers and competitors. Brands and small businesses finally realized that they need to know a lot more about their potential clients, their market and their main rivals.
5 things that market research can do for you in the process of product development & business growth:
1. Better understanding of your customers: Market research will help you map out the full profile of your ideal customer. Knowledge of your customers will help you determine the market size and what triggers them to buy. You’ll gain valuable insights like their age, location, gender & income, which will help you in creating effectively tailored marketing and pricing campaigns.
2. Knowledge about your competitors, and how they approach the market: Market research will help you find out who is providing the service that you plan to offer. It will help you find out if any new competitors want to enter the market.
3. Testing your product before launch: You can never be 100% sure that your product will instantly connect with your potential customer. With market research, you’ll find out what approach you should take when marketing the product and find the key message that resonates with clients.
4. You won’t go out of business: In order to remain in business and stay relevant, you should not only anticipate change, but you need to be able to predict change too. That’s how good your market research needs to be.
5. Business growth: Market research is the basis that has to be included in your growth strategy, so you can capitalize on the market opportunities that you’ll discover. It will help you develop a new product, better pricing plan. You’ll discover new market segments and new distribution channels.