The Importance of Marketing Research
Market research consists of collecting and analyzing data about people or companies methodically to better understand what that group of people needs. In chapter 5, Li & Bernoff talks about the importance of listening to the groundswell, companies spend large amounts of money and effort on market research, listen to their customers, therefore to better develop the strategies to promote their products. Market research is important because it will help you get the answers to the key questions of your business. Getting to know your customers helps you to get your products to meet the market needs and size, have a better understanding of your competitors, which is important for a business to enter into a new market or maintain an existing market. Market research is very effective that it drives your communication with your current and potential customers, identifies where the opportunities are, resolve...
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