Answered: Define marketing research and…

Business

Marketing

Define marketing research and itsimportance to decision makers.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter5: Marketing Research And Information Systems

Section: Chapter Questions

Problem 4DRQ

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Concept explainers

Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.

Question

Define marketing research and its
importance to decision makers.

Research activities performed to discover the the needs and preferences of consumers and potential consumers. It examines target markets, target audiences, consumer interests, customer feedback, market environment, competitors' positions, etc.. Market research also includes the techniques to develop, launch, and make successful products and services in the market .

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