Reference no: EM133290922

Marketing Research is important to the development of a marketing strategy in many ways. Marketing and Promotion can be very costly and if one sets out in an unknown direction, it can be a waste of valuable resources. A personal example is as a small business owner, I have really struggled with this. Being able to identify my target audience, and knowing how to reach them has been difficult. Having the breakdown of the strategy and approach provided in the text has been very helpful in learning the appropriate strategies. Because I started my business with only funds that I personally saved, I could not put much into marketing research. Had I known then what I now know, I would have seen this as the most important part of my startup costs, and not settled on which products I would carry until I was well informed as to what my approach should be. I am still working on developing my plan in this area and hope to be able to see some improvements soon. Luckily, when you use social media as a form of promotion, analytics are included and provide good insights as to your audience and whether or not your promotion is influencing their shopping decisions.