More Related Content Similar to Importance of marketresearch for businesses Similar to Importance of marketresearch for businesses (20) Importance of marketresearch for businesses 1. Importance of Market Research For Businesses
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2. Every business aims to be profitable and sell to
its customers.
In order to do that a business must undertake
market research to understand the needs and
preferences
of its customers.
Similarly, a business needs to have knowledge
about its current and potential competition and
the products and services they offer.
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3. Importance of Market Research
Provides Data: Market research provides necessary data
about consumer behavior, demand & supply and competition
which is essential in decision making.
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4. Importance of Market Research
Studies Consumer Behavior: Market research gives the
businesses idea about likes, dislikes, income, age group, etc of
the its customers.
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5. Importance of Market Research
Helps in Deciding The Best Promotional Strategy: The
research helps businesses in coming up with a promotional
strategy which suits their budget, target audience, geographical
coverage etc.
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6. Selection of Media
Market research helps in selecting the right media to be used for
advertising. It also helps in outlining the budget required for
sales promotion techniques and advertising.
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7. Furnishes Market Information
Data regarding market situation is supplied with the help
of market research. This data helps in estimating:
Demand and supply situation of present and future.
Level of competition.
Reasons for fall and rise in level of sales.
Opportunities for marketing.
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8. Keeps A Check on Marketing Performance
Market research helps in evaluating and checking
performance of a business against its competition.
Research helps in estimating the effectiveness of potential
strategies.
It helps business to understand consumer reactions both
positive and negative to its previous products or those of its
competitors.
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9. ©2014 Market Analyst LLC. All rights reserved
Market research is helpful in finding out effectiveness
of package, price, brand name, etc. on sales.
Helps in creating pricing and inventory policies.
It also finds out how advertising is effective and how
well the sales promotional techniques are carried out.
10. Conclusion
Market research is very useful for every business. It helps
any business to use its resources most efficiently .
Businesses today sell to consumers who are highly aware
of their surroundings, therefore it is much more
important for a business to stay up to date than it was ever
before.
Not only the company benefits but market research is
profitable for consumers, advertising agencies,
distributors and the whole industry.
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11. Market Research Answers Questions Like:
How?
What?
Where?
When?
and whom to sell the company’s products and services.
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Editor's Notes A business aims to sell its product to their customers. Businesses need to undertake market research to know the needs and preferences of consumer, current and potential competitors for their products/services, and so on. Market research helps businesses use their resources as efficiently as possible. In this article, why market research is important for businesses.