Discuss the definition and importance of Marketing Research when planning to create or develop a business (10)
Answers
Answer:
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Explanation:
Market research has always been a part of the key fundamental of setting up and smoothly running a business. Never ever has a business been able to succeed without conducting a thorough market research of their audience and products & services.
What is market research? Market research is the simplest way for the entrepreneurs to keep up with the latest trends that are currently active and in usage in the market. However, the type of market research may vary with the nature of industry. As a businessman or marketer, you must know the importance and meaning of marketing research.
Have you ever wondered why big organizations invest huge amounts on research for their businesses? The reason behind them spending so much is to grasp every bit of information that floats in the market and could help them achieve their goals better. For example, companies like Apple and Microsoft are always investing money to research new trends in technology as well as on analyzing consumer behavior. It is for this reason that they are able to succeed and stay ahead of the competitors.
Is your business, products or services able to fulfill the needs of your target audience? If your answer is yes, chances are that you already invested money in market research. But if your answer is no, then your business needs thorough market research to achieve its set goals.