To what extent does undertaking market research guarantee that a firm makes the right marketing decision?
Date Submitted: 06/20/2001 20:51:39
Category: / Business & Economy / Marketing and Advertising
Length: 2 pages (427 words)
Category: / Business & Economy / Marketing and Advertising
Length: 2 pages (427 words)
Undertaking market research does definitely not guarantee that a firm makes the right marketing decision. The aim of market research is to gather information that may be useful to the firm when marketing its' products. If a firm does undertake a reasonable quantity of market research it will definitely have an advantage because it should be able to make better decisions about what to do next.
Market research includes information about sales, competitors, market size, …
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…right format or up to date. The research may have been undertaken in the previous year when you want this year's figure.
Despite this, market research is most definitely invaluable. It will increase the chances of a product succeeding by helping the firm make the right marketing decisions. The firm then needs to target the product and marketing directly to its potential customers as the success of a firm depends on its product being bought.
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