Marketing Strategy Assignment

Why is marketing research important to the development of a marketing strategy? Provide a specific example.

SAMPLE SOLUTION

Market research is the act of collecting, examining and interpreting data to assist in solving marketing challenges. Market research is used for a range of reasons, and it assists businesses to make informed decisions, for instance, identifying the feasibility of unveiling a new commodity before giving time and budget. In that case, market research comes out as an essential aspect when creating an organization’s business strategy (Hague & Morgan, 2013). When done right, it can play a part in enlightening business marketing operations such as comprehending the target audience preferences and understanding main messages that should be conveyed.
Market research can offer a business, accurate perspective and marketplace. For instance, it becomes easy to see how customers view your organization compared to competitors and evaluate what they are doing differently to attract clients. On the other hand, marketing research helps determine who and where the business clients are and…