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Principles of Marketing: The Importance of Marketing Research

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Explain the overall importance of marketing research. Please share an example of a company that has failed to do marketing research. Explain what the company did wrong and make certain to define the problem.

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Solution Summary

Definition of marketing research along with an example of a failed company and reasoning behind it.

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Marketing research plays a big role in the success of organizations but is often forgotten or the last thing that companies do. 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. It helps to create partnerships with other businesses, keep the company profitable through upgrading current products, and how to find ...

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Danny Sava, PhD
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  • PhD, Capella University
  • MBA, Grantham University
  • BSc, Grantham University
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