Every business needs to invest in market research. Here are some reasons why businesses need market research.

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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12. Contact
Market Analyst™
for all your market research
needs
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