Reference no: EM13909438

Expand/comment on following statements.

1. Marketing research is essential to product design. The potential market for your products or services can be defined as the pool of consumers or businesses who would consider purchasing them (O'Connor, 2013). After finding this out the next step is to determine why a person would purchase from you versus any other. How a company stands apart from the competition is what differentiation is and creating a positive brand and marketing it well leads to growing a successful company. Customer Service continues to be a segment of any business that is very important to the business. This part of the business can make or break the organization. Every client wants to feel they are important and someone will listen and take care of the concern.

2. Marketing research is so important to the product build. Without the research is like building without every page of the instructions. Before a product should be introduced in the market a company should know how well it will be received. The way to do this is to reach out to the consumer and find out. Also, see what marketing trends are and how you, the new company, can impact those trends in a very positive and beneficial way that leads to a lot more financial gain and customer loyalty. How will you earn loyalty? This is easy to answer, have great customer service that stands behind the product!

3. It's always great to do your research when starting out as a new entrepreneur so you can get feedback on how you think your product and company will react to this new business venture. Starting a new company is always a risk and you want to make sure you have covered all your basis before making the leap. This will ensure a little stability in your company when it will be a rocky start at first.

4. During the period of economic recession, remarkable success will depend on those retailers who are able to generate customer loyalty by responding to consumer demand".

5. Seems like the goal of market research is to help participants become systematic about innovation in order to create value for their businesses and their customers in the globally connected market. Market research introduces a structured approach to design and customer analysis processes that draws on important trends that have become essential to successful innovation in today's businesses: the digitization of all business processes; the blending of product and service into integrated solutions; considerations around environmental sustainability; and the use of globally-distributed teams.