Marketing research is a technique of collecting information from and about customers and non-costumers to support business decisions involved with monitoring marketing performance, improving marketing process, identifying and defining marketing opportunities and problems, and evaluating marketing actions.
Marketing research is crucial for businesses from the very beginning. During the initial stages of starting a new business marketing research is considered one of the most important steps, getting informed about the market, potential clients and the competition is crucial. When planning to launch a new product or service in a business, marketing research also plays a huge role.
Some benefits businesses acquire when applying marketing research.
Marketing Research helps businesses to:
- Make better decisions
- Better understand their customers
- Gather knowledge about the competition
- Improve marketing process
- Obtain innovation on how to approach the market
- Identify other marketing opportunities
- Clarify problems
It is also important to mention that companies must identify the research need and make sure the information they are looking for does not exist either in the company or through a third party. Marketing Research is costly.