MKT421 University of Nairobi Marketing Strategy Response Discussion

Hello Everyone,

Market research is the process of gathering, analyzing, and interpreting information about a market, product or service that is being offered for sale.

Market research is a pivotal component when a business is introducing a product or service, trying to enhance an existing product or service, and or when a business wants to keep track of its competitors or trying to be steps ahead of their competitors. Market research provides precise information on the competitors. Market research can help a business understand customers’ preferences/demands, latest market trends, customer buying patterns, and demographics. It allows a business to test its product or service before presenting it to the business world. Testing a product or service will save a business some expenses and also help it from giving a bad productor service to the market place.

Market research will also help a business determine the approach it needs to take to market a product or service, plan the perfect marketing strategies and campaign, decrease loses, set better goals for the product or service, and or make better business decisions.

Marketing research is an important process to the developing a market strategy for many reasons that include reducing the risk of making bad decision which helps improve marketing decisions. Marketing research requires a marketing strategy approach that identifies a problem, defining the problems then develop the research plan, and after this process is complete collect relevant information by collecting the primary and secondary data relevant to your research. Develop the finding, present them and then take action. Using these steps in marketing research a company will learn about the consumer of what they need and what they want, understand the consumer and the product, what the consumers behaviors are about their products. Discovering the potential of a new product that a company want to start selling but they are not sure if the product is something the consumer needs and that’s where market research helps with reducing the risk of making a bad decision of launching a product that is going to fail. Marketing research will save a company a lot of money and time staying clear from making bad decisions on products that consumers don’t need or want and give them the time to create a product that will work.