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Marketing research is the same as market research. Learn the difference between the two and the steps involved in marketing and market research. The Balance Small Business The Importance of Market Research to Your Business. The Importance of Market Research to Your Business.
For marketers, research is not only used for the purpose of learning, it is also a critical component needed to make good decisions. Market research does this by giving marketers a picture of what is occurring (or likely to occur) and, when done well, offers alternative choices that can be made. The importance of market research can be best perceived by understanding the various factors that impact your business. This includes factors such as market size (in terms of number of customers), sales revenues (for existing products), market segmentation (geographic, gender, personality, etc.), the demand and supply scenario, and other factors.
All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do "internal" research, and lose sight of the need for consumer marketing research for their organization. Need and Importance of Marketing Research! The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal.