Name: Argie L. Haganas
Section: CBET 19-806E
Prof: Mr. Jerzon Perez
Date:
Direction:
1.Study and discuss the importance of marketing research?
Marketing research provides critical information about your market and your business
landscape. It can tell you how your company is perceived by the target customers and
clients you want to reach. It can help you understand how to connect with them, show
how you stack up against the competition and inform how you plan your next steps.
Market research can also play an important role in the process of developing your
products and services by bringing them to the marketplace and marketing them to
consumers.
2.And its role in marketing strategy development in the following areas of:
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Business
-Market research is a vital part of any business strategy, whether that business is
B2B or B2C, big or small, new or old. It provides the answers companies need to
make decisions that will move them forward instead of back by empowering them
to base decisions on data.
Decision Making
-Marketing research is a crucial part of marketing system, it helps to refine ideas
in decision making of management by giving accurate, appropriate and timely
information. During each stage, marketing research gives a major present for
clarifying and diagnosing issues and then selecting among decision alternatives
Organization
-Marketing research can identify how customers and potential customers might
view your business and identify gaps in customer expectations. In the
organization it is very crucial and it can lead to success or failure so every
organizations tend to study more the market and learn about the trends and
adopt in innovation.
Entrepreneur
-Marketing research can give powerful information to an entrepreneur so that
they can identify the needs and wants of customer and can present solutions to
companies. Having good market intelligence helps to minimize risks when
making key business decisions
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Company
-Marketing research provides the answers companies need to make
decisions that will move them forward instead of back. Companies do
marketing research to know the need and wants of customers and what are
the things they need to improve in order to gain profitability, stability,
growth and success
Answer the following Question based on your understanding
1.In what ways can market research help you as a consumer? Explain?
-As consumer marketing research helps me a lot because it gives me a detailed
information about what is new in the market. The business and companies do research
for the greater good of customers. Quality, efficient and reliability are some things
customers seek for a product or service and with the help of marketing research it can
give insights on what are the customers want and looking for a product that can help
them in their day to day lives.
2.Why is market research important to an entrepreneur?
-Market research is important to an entrepreneur because it will give him/her a
detailed insight on what to offer to a customer. It is one of the things
entrepreneurs do so that they can know what is the latest trends in the market,
what is new in the technology and many more. In that way they can help
companies or business on what to do in the market.