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Why Marketing Research?

Although any number of answers could be given to this question, from a macro perspective, there are three that rise above all others:

  1. Reducing Risk - Faced with spending millions of dollars (in most cases) to develop a product and then create a multi-faceted communications program around it, it's surprising how many companies neglect to perform even the most basic marketing research (at a relatively minor cost) to ensure that key strategic decisions are on target. Why not verify those decisions with the one person who matters most namely, the consumer or end user of your product or service? Also, no matter how experienced, intelligent or forward-thinking your management team might be, mistakes are inevitable along the way, and the sooner you identify and correct those mistakes, the better off you'll be.
  2. Enhancing Performance - A key requirement of any successful manager is to constantly look for new ways to strengthen the performance of existing product lines / services, even if everything appears to be sailing along smoothly. All aspects of the business should be questioned. What enhancements would customers most like to see in our product(s)? Is our pricing structured to maximize volume and revenues? Are customers hearing and understanding our key messages? Has the demographic profile of our core users changed over time? Does our customer service area function as it should?
  3. Exploring New Opportunities - In addition to looking after the company's existing brands / products, new business development is usually an important priority within most enterprises. Marketing research can be exceptionally helpful in examining a wide range of new opportunities and determining which appear to be most appropriate and viable.

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