Discuss the roles/benefits/importance of marketing research.

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1. It links the organization with its environment by providing information that facilitates decision-making.
2. Links the marketer with the outside world and help to identify opportunities and threats.
3. Specifies or provides information required to deal/address the opportunities . Helps identify opportunities. Market research helps you identify opportunities in the marketplace. Research might make it obvious that a new product you have planned may not be what your market wants or needs. You may then decide to make modifications on what you are going to offer to suit your audience.
4. Helps to identify potential threats or problems .
5. Links the organization with the markets (consumer and organizational markets)
6. Provides feedback from the customers through the backward flow of information.
7. Help in setting objectives and formulation of strategy regarding the product, price, promotion and distribution.
8. Market research helps you minimize risks. It reduces or minimizes the risks of uncertainties. It provides information needed to decide on the kind of decision required for a particular subject or issue. For example, you may find that the particular location where you wanted to open a shop already has a saturated market in your line of business, which will help to refrain from making that decision and look for a more appropriate spot.
9. Provides information for conclusive accurate decision making i.e. helps in taking sound decisions.
10. Marketing research helps the management of a firm in planning by providing accurate and up- to-date information about the demands, their changing tastes, attitudes, preferences, buying
11. Accurate, up-to-date information obtained by marketing research can be of enormous value to an organization in gaining and/or maintaining its competitive edge.
12. It is quite helpful in product strategy formulation in terms of launching a new product, exploring new uses for its existing products and matching products with requirements of the consumers or market.
13. Market research guides your communication with current and potential customers. Once you have your research results, you should have enough ammunition to formulate the most effective way to communicate to your customers

Lellah answered the question on November 5, 2021 at 05:39

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Discuss the roles/benefits/importance of marketing research.

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