Marketing research provides information that allows companies to make decisions regarding product design, pricing, distribution and promotion. The ultimate goal of marketing research is to improve customer satisfaction by providing products or services that meet customers’ needs and wants.
Marketing research helps businesses learn about their customers, their competitors, their business environment, and other factors that are relevant to their markets. It is often conducted by a third party in order to protect the confidentiality of information shared by respondents. This third-party approach allows researchers to gather information from different companies or industries without revealing sensitive details about individual businesses.
It is an important part of strategic planning. The results of marketing research provide information on what customers want and need, which helps companies develop products and services that meet those needs. This information can also be used to assess the potential success of new products or services before they are launched on the market.
Businesses use marketing research to:
Understand customer needs and wants so they can provide products that meet those needs.
Gain insight into how consumers behave so they know how best to reach them with advertising messages or other marketing activities.
Monitor competitors’ actions so they know what strategies are working well for them or failing.
Identify needs unmet by existing products or services.
