What Is Marketing Research For?

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What Is Marketing Research For?
What Is Marketing Research For?

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Video: marketing research for beginners, understanding marketing research fundamentals 2023, January

Marketing research is carried out by the company in order to learn more about consumers, competitors, and the specifics of the field of activity. Based on the data obtained, strategies for successful business conduct, advertising campaigns, competitive advantages and much more are developed.

What is marketing research for?
What is marketing research for?

Depending on the objects that need to be studied, marketing research can be divided into several groups.

Consumer research

Research provides an opportunity to obtain information about the age, social and marital status of consumers, their financial situation, lifestyle, habits, tastes and desires. You can find out how well the company and its products are known to the target audience, what is the loyalty of consumers, the reasons for dissatisfaction.

Regardless of who the target audience is represented: individuals or legal entities, families or individuals individually, it is possible to find out the expectations of clients. Having analyzed these intentions, one can assess the degree of realization of their desires.

The information received makes it possible to meet the needs of the target audience as much as possible, to develop effective strategies for promoting goods and services.

Market research

Market analysis in marketing allows you to determine the number and strength of competitors, the distribution of market shares among the main players. During the research process, it is possible to obtain information about the strategy, tactics and threats of competitors. Based on this data, you can build a business development strategy, identify the competitive advantages and weaknesses of your own company, and draw up an effective action plan.

Market research makes it possible to determine the seasonality of demand: what is the period of its maximum and minimum. This information is essential for successful work and profit.

Study of the goods

Marketing research makes it possible to determine the proportion of real buyers of goods and services, the degree of their satisfaction. It is possible to obtain information about non-standard options for the use of products, problems arising in the process of consumption.

Feedback from the target audience gives a chance to improve the packaging of the product, its characteristics and quality. This will attract more customers, increase their loyalty to the company and increase revenues.

Studying the price and promotion

The study of consumer opinions and reviews helps to assign an optimal cost to a product or service that suits most customers. In the course of research, you can get data on consumer reaction to discounts, coupons, promotions, as well as understatement and increase in prices.

With the help of marketing research, you can determine effective advertising channels, ways to promote the company's products. They provide an opportunity to get information about the media preferences of the audience.

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