Marketing research fulfills three main purposes which any successful campaign must be targeted towards.
It identifies the potential customer; it then attracts him/ her to the company through the product or service on offer and thereafter keeps him loyal to the company by ensuring consistent customer satisfaction. Clearly therefore marketing research is a crucial component in any business setting.
Marketing takes care of all the major considerations customers take into account when making a purchase.
It informs customers of the price of the products; which may include any incentives on offer and available packages for different income groups.
It details the benefits of the product. Sometimes customers are not looking for cost cutting incentives, in fact more often than not; consumers are looking for a product that will meet their particular purpose.
Accessibility is also a big deal. Sometimes customers have been waiting for exactly what you are offering but have no idea it is on offer, and importantly also, where to get it from. Marketing research gives you an opportunity to know exactly where to position your product in order to improve your sales.
The final point is a most basic rule of sales; value for money. If you can convince the public through your marketing that your product gives good value for their dollar you are likely to sway them over.
How else will you get the details of what they seek for their money without market research?
