Do Your Research!

The importance of marketing research in any business.

Market research is described as “the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.” This description shows the broad spectrum that is market research.

In any business, market research is necessary to link consumer, company, and public to the marketer. The information gathered from this research can be used to identify opportunities and problems, evaluate marketing actions, monitor marketing performance, and improve the understanding of marketing as a whole.

Providing Value

By doing marketing research, you can provide your business value. This could be by clarifying problems or opportunities, attracting more customers, identifying changes in the marketplace, and much more.

Four Types of Data

There are four main types of data you can collect through marketing research: quantitative, qualitative, primary, and secondary. Quantitative data is where you look at how many of something there is and use this to compare the data. Qualitative data is used to deepen insights and create a picture for the company. Primary data is gathering the data first-hand and focused on specific decisions. And secondary data is data that was previously collected for another reason other than the decision you are trying to make.

Overall, marketing research is a vital part of any business. It is a crucial step when making any decisions and could be the difference between a poor and good marketing decision. While it may seem like it is a broad subject, there are many subcategories and types of data that you could use to facilitate the process and help your business in the long run.

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