When business professionals enter main research with their assumptions and conclusions, they will conduct market research to find out current market conditions, so they can determine what products will be released following current market conditions.
<h2>Further Explanation</h2>
Market research or marketing research is the systematic design, collection, analysis, and reporting of data and any findings that are relevant to the particular marketing situation facing the company.
Types of market research are divided into 2, namely:
1. Primary Research
Primary research is market research conducted by collecting data from the target market directly. The purpose of this primary research is to produce information about the current state or market conditions. Common ways of doing primary market research are interviews, surveys, questionnaires, or discussions with samples of potential customers.
2. Secondary Research
Secondary research is market research conducted by analyzing data that has been published in general, then the results of data analysis are used as consideration for making a company's marketing strategy.
Benefits of Conducting Market Research
By conducting market research, there are several benefits that companies or brands can reap, namely:
- Market research can help brands to produce information about the size of the potential market of a product or service according to the target market. This information will be very useful in determining sales targets and achieving market share in the market.
- Know the market response to a product or service. This information is very useful especially for a new product or service before it is launched into the market.
- Understand customer behavior according to the target market well. By knowing this customer's behavior, it makes it easier for the company or brand to develop better and effective marketing strategies.
- Analyze the effectiveness of ad campaigns or promotions carried out. With market research, the company or brand can choose the right media and content in conducting ad campaigns, so that it is more effective and efficient.
- Market research is very useful to produce all the data and information needed in developing a company's or brand marketing strategy as a whole.
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Type of market research brainly.com/question/9876014
Benefir of conducting market research brainly.com/question/9876014
Details
Grade: College
Subject: Social studies
keywords: Market research, Primary research
