Discuss the importance of market research. 500 words
The importance of Market research:
Market research: This is known as MR and is an essential activity for taking many marketing and business decisions.
This is the process by which the relevant data or information is collected or gathered from several sources then the data is analysed to figure out the relevant information, insights and relationships among the various factors.
The sources from which these can be collected define it as primary or secondary. Primary is preferred when it is focused and secondary is preferred if it is broad level research.
At times the market research is done to get an idea of market influencing factors, then another advanced level research is done, or a pilot market study is done to get into the depth for the relationship of the factors and find useful insights.
Once these insights are ready the action is taken to impact marketing and define key business strategy. These are generally done during inititial phases of a product and service launch, but at the same time, this can also be done periodically for review of the company or product performance.
The end objective of any market research is to aid the decision making.
It can be for...