Important note: Please answer the following question writing between 200 to 300 words to each question.
1. Why is marketing research important? What are the goals of marketing research?
2. Can a single marketing strategy meet the needs of various types of buyers? Why or why not?
1) Marketing research is an important element, and is becoming even more critical as globalization becomes a fact of life. Marketing research is a way for the marketing team to understand how their product stands in the mind of the consumer. Without knowledge, it is impossible to promote the product, and subsequently sell it to consumers. If the product fails to produce sales, then it risks putting the financial health of the organization in jeopardy.
Marketing research occurs in different stages. During product development, you would want to conduct research to see if people like the product and if they would purchase it. The main goal during this stage is to assess if it is ready to go to market or if they need to revamp the product feature to make it more attractive. Market research can even tell us in this stage if it is even worthwhile to manufacture the ...
International marketing and goals of marketing research is determined. Whether a single marketing strategy meet the needs to various types of buyers are examined.