Author Topic: Why is marketing research important?  (Read 851 times)

sally crocker

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Why is marketing research important?
« on: August 23, 2016, 11:45:42 pm »
From the Small Business Development Corporation (https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/):

Market research

Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing.

    Define your market research objectives
    Sources and types of information
    Collect, analyse and act on the results

Successful businesses undertake market research on a regular basis to:

    identify potential new customers
    learn more about existing customers
    inform their decisions regarding existing and new products or services
    better understand their competitors
    test new markets
    identify performance, pricing or promotion opportunities

Define your market research objectives

Itís important to clearly define your objectives in order to achieve useful results from your research. Clearly defined objectives will help identify the best methods to conduct your research.

You will also need to determine the time frame and budget you can allocate to undertake the research. You might consider using a professional market research company to assist you.

To read more, follow this link:

https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/