What are the advantages of carrying out marketing reaserch?

Answer 1

Here are the advantages of Marketing Research:

Assists you in identifying and locating target audience

Suppose you are in plans for a coffee shop then, marketing research will allow you to identify whether the locality you are targeting has enough coffee lovers or not. It is based on your market research results you will be able to zero-in on a particular market area.

Assists you in analyzing the size of the market

Market research will assist you in finding out the size of your target market based on which you will be able to commensurate the resources. Therefore, wastage of resources will be avoided.

Assists in understanding client requirements

There are different categories of groups of customers that you will have to target in a market. Considering the same example of a coffee shop, you will have some consumer groups who are working and would prefer quick services and meanwhile, students or suburban consumers will prefer a much-relaxed environment/approach.

Assist you in creating a business plan

After you have identified the target market, marketing research will assist you in creating a perfect promotional strategy best suited for your business. This would include things like branding, name inclusion in local directories, finding a perfect medium of communication, Social media optimization strategies, advertisements and many more.

Hope this helps!