The purpose and objectives of marketing research: why is it important for businesses to do them?
Between 2021 and 2024, the marketing research industry grew by37.25%— from 102 to 140 billion dollars a year. Todayobjectives of the studyare defining the characteristics of the market and its individual niches, segmenting customers for better engagement, determining demand and consumer attitudes towards the brand.
Market analysis in marketing helps businesses:
Understand your customers . Clearly defining asia mobile number list and understanding your audience is an important component of business development. The needs and behavior of the target audience periodically change under the influence of socio-political and other factors, so companies need to stay informed about the desires and requirements of their consumers.
Stay competitive . By being more aware of your niche, a business can identify gaps in its offering early and fill the gaps in products.
Manage risks . By understanding market trends and customer behavior, you can anticipate potential obstacles, such as changes in demand, and adjust your strategies.
Measure important indicators . Organized information provides a comprehensive picture of the “health” of the business — the level of satisfaction of customers, employees and partners, comparison of its indicators with competitors.
Make informed decisions . Modern marketing is driven by metrics and analytics. Based on clear data, companies plan production and marketing expenses and strive to achieve predictable profits.
The listed advantages mean that marketing research has many practical applications. It will be useful for businesses of all sizes in all areas – brands, distributors and retailers, service companies, B2B businesses, manufacturers.
What is marketing research for
Marketing analysis of the market – assesses the size of the market or a specific niche, its structure and competitive environment, the general state of the market, potential difficulties, trends, and development opportunities.
Brand research is an assessment of brand health indicators (Brand Health Tracking), which is conductd at certain intervals to determine loyalty among consumers, popularity and demand among consumers.
Target audience research is the collection of information about existing customers or potential users for proper segmentation and analysis of their behavior. The research examines factors that influence demand and purchasing decisions — age, income, marital status, hobbies, place of work, etc.
SWOT analysis is a strategic planning tool for studying a specific business. The approach is based on assessing the strengths and weaknesses of the business, identifying potential risks and growth areas. Read more about what SWOT analysis is and where it is used in our article.
Studying trends involves analyzing changes in consumer behavior and their impact on the situation in
types of marketing research
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Terms
Methods of collecting information
The basis of any research is data obtained revisión completa do blog de backlinko 2023 using various methods. All data can be dividd into several groups:
1. By the method of presenting information:
Quantitative ones are expressd as numbers that can be measure or counte
Qualitative indicators are conveyd in human language and explain and describe quantitative indicators.
More aboutqualitative and quantitative dataRead in a separate article.
2. By collection method:
Primary (field ) data – data obtaine alb directory through interviews, surveys, observations, etc.
Secondary (office) – information from various publicly available sources, relevant to a specific topic.
Research typically uses both types of data simultaneously, collectd using different methods.
