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WHY MARKETING RESEARCH IMPORTANT TO THE DEVELOPMENT OF A MARKETING STARTEGY? PROVIDE A SPECIFIC EXAMPLE.
Firstly, we should understand “what is marketing research?” before start discussing about importance of marketing research. Marketing Research it is a process or action to gather, analyses and interpreting information to help to take decision or solve all challenges face by business. Business use marketing research for many reasons, which help business to take valuable and important decision, for example- new product development, budget for new product, feasibility etc. marketing research is very important part of developing marketing strategy. When business done correctly marketing research it can help to enlighten many important marketing activities such as understand marketing trend, requirement of customer, how to convey product benefits to audience etc. without marketing research to take any decision or make any strategy, not always accurate.
There are many types of marketing research which help to deeply insight about (depend on what you want to know). Some marketing research are-
1. Brand research
2. Competitor research
3. Consumer research
4. Product development
5. Customer segmentation research
6. Usability testing
There are two central type of research:
Primary research- this is also called as field research and gathering new or first handed information which has not been collected before.
Secondary research- this is also called as desk research and gathering information...