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Mportance OF Arketing Research FOR Local Companies: Submitted By: Nowsheen Noor ID # 1921251

Marketing research involves gathering, analyzing, and interpreting information about markets, products, services, customers, industries, and competitors. It uses primary and secondary data. Marketing research is important for local companies as it helps identify problems and opportunities in markets, formulate market strategies, forecast sales, revitalize brands, facilitate new product introductions, and support managerial decision making. It provides information to segment markets, predict customer needs, develop marketing mixes, and maintain up-to-date knowledge of customers, markets, technology, and competition.

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41 views3 pages

Mportance OF Arketing Research FOR Local Companies: Submitted By: Nowsheen Noor ID # 1921251

Marketing research involves gathering, analyzing, and interpreting information about markets, products, services, customers, industries, and competitors. It uses primary and secondary data. Marketing research is important for local companies as it helps identify problems and opportunities in markets, formulate market strategies, forecast sales, revitalize brands, facilitate new product introductions, and support managerial decision making. It provides information to segment markets, predict customer needs, develop marketing mixes, and maintain up-to-date knowledge of customers, markets, technology, and competition.

Uploaded by

Nowsheen Noor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Submitted by:

Nowsheen Noor

ID # 1921251

IMPORTANCE OF
MARKETING
RESEARCH FOR
LOCAL COMPANIES
COURSE:

SUBMITTED TO: Marketing Research

Dr. Mizan Rahman ID # MKT 546E


MARKETING RESEARCH
The process of gathering, analyzing and interpreting information about a market, about a product
or service to be offered for sale in that market, and about the past, present and potential
customers for the product or service; research into the characteristics, spending habits, location
and needs of your business's target market, the industry as a whole, and the particular
competitors you face. Market research involves two types of data:

i. Primary information. 

ii. Secondary information.

IMPORTANCE OF MARKETING RESEARCH FOR THE LOCAL COMPANIES


The most important task of a marketer is to get the right product at the right place with the right
price to the right person. Besides, it was also necessary to go back and find whether consumer is
getting optimum satisfaction, so that consumer remains loyal. These aspects made it imperative
for the marketers to conduct marketing research. Some of the important aspects of marketing
research are identified below.

Identifying problem and opportunities in the market


 Helps identify new market for existing products, as well as new ones.
 Provides informations regarding market share, nature of market, distribution channel,
performance of the business, and so on.

Formulating market strategies


 Makes it easier to predict consumer needs
 Helps to segment the market
 Helps in framing and implementing marketing strategies

For sales forecasting


 Helps forecast sales through market share method
 Helps forecast sales through sales force estimate method
 Helps forecast sales through jury method
To revitalize brands
 Finds out the recall value of brands
 Explores the possibilities of brand extension or prospects of changing existing brand
names

To facilitate smooth introduction of new products


 Helps in finding out consumer response to new product and develop a suitable marketing
mix
 Reveals the problems of the customers regarding new products
 Controls the risk involved in introducing a new product

Managerial decision-making
 Helps in the decision-making processes by supplying relevant, up-to-date and accurate
data to the decision-makers
 Helps to maintain up-to-date information to access customer needs and wants, market
situation, technological change and extent of competition.

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