Question

In your own words, Explain the importance of the relationship between marketing research and marketing strategy.

Answer 1

Market research is about understanding the broader marketplace in which we intend to compete. Marketing research can help businesses formulate and focus these strategies.

• Marketing research:- Marketing research is a broad term that encompasses the process of gathering and understanding data about your customers, demographics and business climate. It can also involve the development and testing of new products or services. Information is the basis of marketing research. Businesses gather this information through seeking out demographic studies, test marketing products, conducting surveys and informally requesting feedback from existing customers.
• Marketing strategy:- Marketing strategy involves putting the information discovered through marketing research to work. These are the concrete plans that a business uses to reach new and existing customers. A strategy may start with identifying a specific marketing problem, such as increasing sales, expanding the customer base or introducing a new local business to the community. Strategy takes into consideration the budget that you have available.
• Linking marketing research with marketing strategy has many benefits for a business. To be successful, marketing strategy needs to be properly focused. That means knowing what customers you want to target and finding the best avenues to reach them. Marketing research can help a business put their marketing dollars into the type of advertising that will be most effective.

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