Please do not copy and paste, use your own words. I will check with google befor
ID: 1187404 • Letter: P
Question
Please do not copy and paste, use your own words. I will check with google before I award points.
Please give me your opinion on the following topic with a couple sentences. Thank You
Marketing research drives markets, plain and simple. Proper marketing research directly influences an organization's sales and revenue. Every business starts off with the intention to offer a certain product or service in a certain way. The goal of marketing research is to determine whether or not a company is providing the best product to the largest number of consumers. Through marketing, an organization may find that their services are better suited for a different demographic or that they should provide said services in a different manner to maximize the number of consumers their services reach. If/when the proper research is done businesses can maximize profits while developing new products as well as promote their current products in the most advantageous of ways.
Explanation / Answer
The following topic actually summarizes the importance of business research in maximizing profit. and all the points mentioned are very valid. An organization needs to understand the customer base it is going to service through business and this understanding is provided by business research. Understanding of demographics is very important for any business and market research provides this information to a very accurate level. Once a business has the demographics and customer analysis it can think of its marketing stratergy. Say for example when it comes to branding in the states a Pop star or a baseball player can be a crucial person in building brand and people will be influenced to by products based on his promotion. however when the same business is launching a product in India that player not be proper person for branding and moreover a cricketer would be a right person to do the endorsement. similarly when it comes to product design demographics can play an important role for example say Subway sells Ham and Beef in States but in india a large number of poeple are vegeterian hence they may have to offer different products. in this way market research is important in deciding waht kind of new products will work in a different demographics and what kind of services can be implemented in a different demogrpahics to maximize profits. Hence market research has a great role to play in maximizing profits in business.