Purchase Solution

Why is it important to do market research?

Not what you're looking for?

Ask Custom Question

Expand/comment on following statements.
1. Marketing research is essential to product design. The potential market for your products or services can be defined as the pool of consumers or businesses who would consider purchasing them (O'Connor, 2013). After finding this out the next step is to determine why a person would purchase from you versus any other. How a company stands apart from the competition is what differentiation is and creating a positive brand and marketing it well leads to growing a successful company. Customer Service continues to be a segment of any business that is very important to the business. This part of the business can make or break the organization. Every client wants to feel they are important and someone will listen and take care of the concern.

2. Marketing research is so important to the product build. Without the research is like building without every page of the instructions. Before a product should be introduced in the market a company should know how well it will be received. The way to do this is to reach out to the consumer and find out. Also, see what marketing trends are and how you, the new company, can impact those trends in a very positive and beneficial way that leads to a lot more financial gain and customer loyalty. How will you earn loyalty? This is easy to answer, have great customer service that stands behind the product!

3. It's always great to do your research when starting out as a new entrepreneur so you can get feedback on how you think your product and company will react to this new business venture. Starting a new company is always a risk and you want to make sure you have covered all your basis before making the leap. This will ensure a little stability in your company when it will be a rocky start at first.

4. During the period of economic recession, remarkable success will depend on those retailers who are able to generate customer loyalty by responding to consumer demand".

5. Seems like the goal of market research is to help participants become systematic about innovation in order to create value for their businesses and their customers in the globally connected market. Market research introduces a structured approach to design and customer analysis processes that draws on important trends that have become essential to successful innovation in today's businesses: the digitization of all business processes; the blending of product and service into integrated solutions; considerations around environmental sustainability; and the use of globally-distributed teams.

Purchase this Solution
Solution Summary

This response discusses the importance of market research on customer service and new products.

Solution Preview

1. Marketing research is the vessel that provides the company with important information about how their product will perform in the real-world while also allowing the organization to interact with the consumers. The consumers have individual preferences that can be understood through consumer study groups using marketing research, which will possibly provide an edge on the competition for the organization. Diversifying any product to stand out will lead to a unique brand that enables the company to differentiate itself from other successful companies that are competitors.

2. Great customer service can begin with marketing research that values a consumer's opinion. Using marketing ...

Purchase this Solution
Free BrainMass Quizzes
Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Motivation

This tests some key elements of major motivation theories.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

View More Free Quizzes
Related BrainMass Solutions

  • International marketing - segments and research

    487983 International marketing - segments and research How might a market be segmented? Why is it important to segment a market? What is the difference between a segment and a niche? Is it possible to have a market segment of one individual?

  • Importance of Market Research:Primary vs. Secondary Research

    Why is market research important in developing products and/or services for the global marketplace? What are important considerations in deciding whether to take a product global?

  • visually depict market research data

    If you were presenting your study findings to a client, what do think would be the best way to visually depict market research data? Why?

  • Analyzing Buyer Behavior

    This proposal will not work because the commercial marketing division plans to price it at twice the current prices. The market research shows that this plan is bound to fail. 3.

  • Organizational Theory

    In regards to a manager at a family owned pizza restaurant, this is important to note. The primary research question for this study would consist of what type of pizza do people enjoy the most and why?

  • Description of Importance of marketing research

    Marketing research is important because it is critical to understand the customer behavior before taking any business decisions.

  • Principles of Marketing: The Importance of Marketing Research

    There are a few reasons why market research is important. Research makes it clear who your customer base should be, how to reach out to those customers, and what they are interested in.

  • Marketing Evaluation for Sweetbay Supermarket

    Their problem, as they see it, is to gain market share. How would you determine what their problem is? Do you take their word for it? What research would you conduct?

  • essential evaluation criteria for marketing messages

    It is important to tailor a marketing message to the particular industry you are dealing with. That is why messaging strategy is very important. There are many ways to get the marketing message distributed.

View More Related Solutions