Marketing research is the standardized plan

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Marketing research is the standardized plan or process that focuses on collecting, interpreting, and reporting data from customers and competitors to help a business identify marketing opportunities and problems. The essential purposes of marketing research are to provide a company with information about what the customers want and need, reveal opportunities to market products, and to show trends on customer spending and behavior (Pride & Ferrell, 2016). Marketing research is crucial when a business is thinking about releasing new products. By collecting this information, a company will have a good idea of what marketing strategy they will use to promote the products. Collecting and understanding marketing information will identify the changes in the industry and the changes in the customers’ behavior. Understanding these changes will also provide a business with an idea of what factors may be causing these changes and how to modify their approach to seize any opportunities that may be available.

Reference no: EM132171172

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