An organization conducts marketing research in order to gain knowledge about the ideal customer and the larger market in order to inform its go-to-market strategy by gathering information about them. In order to gather data for this research, you might need to consult current or former clients, consumers in your niche market, or even competitors’ marketing activities.
Research is one of the most crucial parts of the marketing process because it provides a business with both quantitative and qualitative details of what customers like and dislike about their products and services, as well as what they want from their purchase. These findings can be instrumental in empowering a company’s decision-making process. Based on these findings, the company’s strategies can be affected, not only in the level of communication / promotional material, but also in the decision on how some products/services should be functioning, and also in the ways that the company is working.