Developing a new product, launching an ad, or creating a strategy without first studying your audience and market is usually a waste of time and money. You can get the information you need to make important business decisions with the help of marketing research. Let’s figure out what types of research there are and how to conduct them.
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What is Marketing Research
Marketing research is the collection, processing and analysis of data about the market in which the company operates. This includes, among other things, studying buyers, their needs and preferences, competitors, their goods and services, advertising, price levels and much more.
The subject of marketing research can be almost anything, as long as it is important to your business.
The results of marketing research help managers build the right development strategy and make the right management decisions, reducing the risk of losses.
For example, when an entrepreneur starts a new business, he has to look for answers to many questions:
Which channels to sell in?
Without the right answers to these marketing questions, a hat & bag image editing businessman is likely to lose his money. For successful development, it is important to rely on reliable and realistic data about the market, customers and competitors, and not just on the intuition and vision of the manager.
Marketing research answers key business questions
Research examples
Marketing research is not only helpful when starting a new business. In business, there are often situations when additional data is indispensable.
For example, a manufacturer of elite perfumes is Vitu Bora vya Kununua Ijumaa Nyeusi 2022 looking for ways to promote a product line on the market. To do this, the marketing department analyzed the audience that is already making purchases. It turned out that most of the customers are men. And their main motive is to give a gift and please a woman.
As a result, the company decided to target
The male audience. Suitable promotion channels were selected – groups in social networks and Telegram, contextual advertising in Yandex. The start of sales afb directory of the new product was timed to March 8. And such creatives were developed that convey the emotions of a woman when receiving elite perfume as a gift.