Why is marketing research important to the development of a marketing strategy? Provide a specific example.

Market research is used by businesses to determine the viability of a new product or service by directly communicating with a potential customer. Companies can use market research to determine their target market and receive real-time feedback and opinions from customers. Market research: Market research is the process of directly interviewing potential customers to determine the viability of a new service or product. Market research enables a business to identify its target market and obtain opinions and other feedback from customers about their interest in a product or service.Market research is used to gather data for market segmentation and product differentiation, which can be used to tailor advertising campaigns or determine which features are seen as most important by customers. The importance of Market research: Market research is important and plays crucial role in the following activities of business and those are: To identify market opportunities: It aids in the discovery of new markets for both existing and new products. It provides data on market share, competitive landscape, customer satisfaction levels, sales performance, and distribution channel. This aids businesses in resolving issues. To formulate the market strategies: Markets are no longer limited to one location. Manufacturers struggle to reach out to customers and maintain control over distribution channels. The competition is also fierce. It's difficult to predict what consumers want. In such vast markets, market segmentation is a difficult task. Marketing research provides marketing intelligence that is useful not only in framing but also in implementing market strategies. To use effective marketing mix Communication is crucial in an era of micro marketing rather than mass marketing. Marketing research examines the media mix, advertising effectiveness, and integrated communication tools through promotional research. Such research will aid in effectively promoting a company's product in the market. To Increase the sales activities: Marketing research is used to analyse and evaluate a company's performance in a given market. It also investigates the efficiency of a sales force. It aids in the identification of sales territories. This information aids businesses in identifying areas of sales weakness. It also looks into alternative methods of product distribution. To make effective forecast: Maintaining optimal inventory levels is the most difficult task for any production manager. Production, on the other hand, is carried out in anticipation of demand. As a result, a scientific sales forecast is required. By using the market share method, the sales force estimate method, and other methods, marketing research aids in sales forecasting. To introduce new products: Marketing research aids in the small-scale testing of new products in one or two markets. This aids in determining consumer reaction to new products and developing a marketing mix that is appropriate. It reveals the difficulties that customers have with new products. As a result, it reduces the risk of launching a new product.

Why is marketing research important to the development of a marketing strategy? Provide a specific example.

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