Marketing research is an important tool for all types of businesses that sell products or services. It helps them better understand their customers and the marketplace. In fact, without marketing research, you might not be able to create a product or service that sells well on the marketplace.
Marketing research helps companies develop products that consumers want to buy. It helps companies understand what factors influence their customers’ purchase decisions. Marketing research can also help companies improve the quality of their products or services by identifying areas where improvement is needed. A company might use marketing research to determine whether customers prefer a certain kind of packaging for its product, for example, or whether customers prefer online shopping over visiting stores in person.
Marketing research also helps companies make better decisions about how much to charge for their products or services, how many units to produce or sell, and where their products should be distributed geographically. It can even help companies determine if it makes sense for them to enter new markets with new offerings or if the demand for those offerings already exists elsewhere in the industry without competition from other companies offering similar products or services at similar prices (or lower).