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Market Research
What is Market Research and how can it benefit my organization?
Market Research is the process of shaping the feasibility of a new service or product through thorough analyzing information directly with potential partners and customers. Market Research drives a company to pinpoint the target market while incorporating feedback from previous consumers about their experience with the product or service. You’ll have a customized market research report, bringing to light your most important business decisions. The Market Research plan forms a key component of creating an articulate, powerful business plan.
Understanding that your marketing plan is a key sector of your overall business plan. When you start a business or introduce new products or concepts, the plan will help you.
- Assess the needs of your customers and develop a product or service to meet those needs
- Communicate the attributes of the product or service to the customer
- Establish distribution channels to get the products/services to the customer
Developing your marketing plan will, first and foremost, help you think of all aspects of marketing; aspects which you could otherwise overlook.
A well-developed marketing plan will allow you to insure that your marketing strategy will allow you to achieve the goals that you have set out in your business plan. As a result, you will be able to insure that your capital is well invested.
By developing a marketing plan, your business plan will be supported by an in-depth assessment of the market through thorough market research. The marketing plan will also allow you to understand how to best reach your target market.
By developing quantitative and qualitative measurements for your marketing campaign, you will always be able to access a barometer of your marketing efforts in order to identify if and where changes need to be made.