Market research proves to be effective at reducing risks that you incur or the losses your business may suffer, as long as it has concrete findings to back it. Gain a more detailed understanding of consumers’ needs – marketing research can help firms to discover consumers’ opinions on a huge range of issues, e.g., views on products’ prices, packaging, recent advertising campaigns 2. It is distinct from a ‘marketing strategy’ although, when clients form a marketing strategy, market research is often a very important part of it. Market research strategy refers to the strategy used to carry out market research. Market research is an essential step in launching a new product or starting a new business. It … It helps in avoiding mistakes such as poor pricing methods and poor marketing, so that your business has a fighting chance of thriving. Indeed, the insights gained from market research are often vital in forming the marketing strategy itself. What is Marketing Research?Meaning Marketing means buying and selling activities. Marketing research can help a business do one or more of the following: 1. What is a Marketing Research Report and How to Write It In essence, a market research report is a document that reveals the characteristics of your ideal customers, their buying habits, the value your product or service can bring to them, and the list of your top competitors. This can be done by tallying up how much of a product is sold, through surveys or through other means. Market research gathers, analyzes and interprets data about: that specific market a product, service or developing concept to be offered for sale in that market customers (present, past and future) for that product, service or concept It can help you find out if your business idea is something customers want and provides feedback on your start up plans before you make any costly mistakes. Marketing research is the research that companies do to study customers and other companies. The first is consumer research, where the goal is to study the purchasing habits of consumers. It is done by experts. There are two types of marketing research. The more research is embedded in the strategic plans of a firm, the better equipped it is to deal with the changing environment within which it operates. Research means a systematic and complete study of a problem. Market research is available as a service to help any company, service provider, individual or organisation make better, more informed decisions.