Developing a new product, launching an ad, or creating a strategy without first studying your audience and market is usually a waste of time and money. You can get the information you need to make important business decisions with the help of marketing research. Let's figure out what types of research there are and how to conduct them.
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What is Marketing Research
Marketing research is the collection, processing and analysis of data about venezuela phone number list the market in which the company operates. This includes, among other things, studying buyers, their needs and preferences, competitors, their goods and services, advertising, price levels and much more.
The subject of marketing research can be almost anything, as long as it is important to your business.
The results of marketing research help managers build the right development strategy and make the right management decisions, reducing the risk of losses.
For example, when an entrepreneur starts a new business, he has to look for answers to many questions:
What is the total market size?
What market share can my company capture?
What do competitors offer and what is their product range?
What product or service needs to be created?
How much should it cost?
How and where to advertise it?
Which channels to sell in?
Without the right answers to these marketing questions, a businessman is likely to lose his money. For successful development, it is important to rely on reliable and realistic data about the market, customers and competitors, and not just on the intuition and vision of the manager.