Market Research
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Market Research

Market research is the process of aggregating data on a company’s potential and existing customers. The purpose of market research is to gather information on the market’s desires and needs and to use that information to gauge demand for a product or service. Market research can be conducted using numerous methods, including surveys, focus groups, and product testing.

Why does TrackMaven think that Market Research is important?

Market research provides marketers with the information they need to devise an effective marketing strategy. Knowing what the market needs can help companies tailor their campaigns to emphasize the benefits that their products provide in relation to customers’ desires. Market research should be the foundation for any marketing strategy because it provides pertinent data that will help marketers to identify and solve marketing problems they will face in the future. Instead of blindly advertising to a market hoping that consumers in that market will have a need for a product, performing research can give insight on the specific market segments that can benefit from a product. Marketers can use the aggregated data to not only plan marketing campaigns, but to refine their marketing activities and analyze the success of their efforts. Without market research, businesses would not know which segments to target, which marketing practices will provide the biggest advantage, or how to differentiate their products from competitors’.

In a Sentence

Allen performs market research to optimize TrackMaven's marketing efforts.

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