Reasons Why Marketing Research is Important

Market Research

Market Research Template For MS Word Screenshots

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This Market Research Template Pack includes 12 templates (10 Word + 2 Excel). You can use these templates, forms, checklists, and questionnaires to gather, record, and analyze data so you have the information you need to drive your Business Plan and Marketing strategies forward.

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Reasons Why Marketing Research is Important

Article by Kaitlyn Miller

Given the huge failure rate of new products to gain customer acceptance, marketing research can make or break a business. The major goal of any business is to increase sales and profits. Businesses that do not pay attention to what consumers are buying are likely to make costly marketing mistakes.The information obtained from research helps businesses plan their future operations to try to increase sales and profits. Research helps to answer questions such as these- what products should be produced? Where should the product be sold? How will the products be promoted? At what price will the products sell? For instance, you are thinking of opening a folder printing business, of course it is assumed that your primary products are folders and your main service is folder printing. Knowing your line of product and service, you can now set a price for it and plan on how you will be able to market it.Research also helps businesses solve marketing problems or anticipate future marketing problems. For example, a few years ago, McDonalds changed its hamburger containers from space-age plastic boxes to paper wrappers in response to consumers who wanted packaging that was safer for the environment. Research also helps a company keep track of what is happening in its markets. Through research, a company can determine its major competitors, what its competitors are offering, and what products consumers prefer. Research marketing is valuable for organizations of any size. The size of the business, though, may affect how is conducts the research. Small businesses that do less than million in annual sale usually do not have separate research departments. Here, research is done informally by the owners, managers, or other employees. Larger companies have formal research departments and specialists to plan and conduct marketing research. Some larger companies contract with marketing research companies to research special marketing related problems.The top 50 research marketing firms in the United States had combined worldwide revenues of .7 billion in 1993. About .4 billion was spent that year on research in the United States alone.Individual businesses are not the only organizations that find research valuable. Several departments in both the state and federal governments and trade associations representing various manufacturers, wholesalers, and retailers conduct marketing research. For example, industry trade associations such as the National Retail Merchants Association, collect industry data to help their members understand the markets for their products. The Consumer Product Safety Commission, a government agency, tests products to make certain that they are safe for consumer use and to give consumers product information for use in making buying decisionsIn order to conduct marketing research, businesses need an organized way of collecting information. Many businesses have implemented sophisticated marketing information systems to organize, collect and store research marketing data for future decisions. A marketing information system is a set of procedures and methods that regularly generates store analyses, and distributes marketing information.Collecting useful research data on a continuous basis provides marketers with information necessary to plan and implement marketing strategies. Data that should be a part of a marketing information system include: company records such as sales results, expenses and supplier data; competitors’ records, such as their prices, location, and market share. Others include customer profile data, such as the results of previous marketing studies regarding marketing behavior, shopping patterns, and lifestyles research; and Government data, such as price trends and future projections for the economy.These are just few of the many reasons why marketing research is important to your business.

Market Research

Market research is a myth. Philip Graves, one of the world’s leading experts in consumer behaviour, reveals why the findings obtained from most market research are completely unreliable. Whether it is company executives seeking to define their corporate strategy or politicians wanting to understand the electorate, the idea that questions answered on a questionnaire or discussed in a focus group can provide useful insights on which to base business decisions is the cause of product failures, poli

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Market Research question by Webistant: Any inexpensive tools/ways to get some market research/survey done for a US based service company?
I am trying to launch a consumer service oriented company (in training and consultancy fields) and trying to reach some small companies, managers/executives etc of other companies to see if there is a need for such service.

Can someone point to me ways to get concept viability checked? I have draft of 4-5 questions that I would lilke to ask to my target audience. DO I need to engage market research firm? How do I get database (listing) of my target audience?

Market Research best answer:

Answer by edphillipdoles
check with universities and colleges in your area sometimes they will take these things on as class projects.