Please provide a discussion response: Marketing research is the standardized pla

Question

Please provide a discussion response:

Marketing research is the standardized plan or process that focuses on collecting, interpreting, and reporting data from customers and competitors to help a business identify marketing opportunities and problems. The essential purposes of marketing research are to provide a company with information about what the customers want and need, reveal opportunities to market products, and to show trends on customer spending and behavior (Pride & Ferrell, 2016). Marketing research is crucial when a business is thinking about releasing new products. By collecting this information, a company will have a good idea of what marketing strategy they will use to promote the products. Collecting and understanding marketing information will identify the changes in the industry and the changes in the customers’ behavior. Understanding these changes will also provide a business with an idea of what factors may be causing these changes and how to modify their approach to seize any opportunities that may be available.

Explanation / Answer

With the increase in competition and in 21st Century we are living, predicting the customers demands and supply and their response to your products is very vast and complex. These days all most all business is growing and earning good as the people’s purchasing power has increased and the people these days are more open to try new things and experiment new things rather sitting on one fixed item. This induce the businesses to bring the innovation as the continue process of the business and continue introduction changed and advanced technologies to satisfy the customer’s requirements and to survive in the competitive market for longer run. To identify those Target market, target customers and target products, market research plays an important role. When you established your target products, market and customers, your strategies will be aligning to it and all the efforts would be going in that direction. Market options and availability, purchasing power of the customers, group influences and ever changing economic conditions are some of the factors bringing the change in organization. Organization must do SWOT analysis of their business to find out the possible threats and opportunities available in the market for better performance. Risk evaluation is also the technique that must be performed to be safe.

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