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What is the purpose and importance of marketing research?

knighting
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Joined: 03 Jun 10
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What is the purpose and importance of marketing research?

Hello guys,

I would like to know what is the purpose and importance of marketing research?

Please help me in this regard .

Thanks in advance
Hellin Knighting
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cecille.l
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Marketing research aims to collect data in a systematic function to gain a better analysis or understanding of your "market" or niche. It is important because it helps you understand how your target market behaves and what they need. This gives you an idea of hope to better promote or market your product to your target market.

Hope that helps. Happy Holidays!
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Cecille


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michellerana
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It would be hard to promote your products if you don't know what your customers (market) want! You need to find out what they would be interested in so that you could build a profitable site.

You'd find more information on Market Research by watching our free lessons.

Have a great year ahead! :)
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Michelle
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newstart
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I commonly hear students state that wealthy individuals are risk takers where the lucky become successful. This statement though commonly repeated is a lie. Wealthy successful people do everything they can to minimize risks before they venture into any endeavor. Market research is a major element necessary to decrease the risks by attaining knowledge.
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jcdean
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newstart wrote:I commonly hear students state that wealthy individuals are risk takers where the lucky become successful. This statement though commonly repeated is a lie. Wealthy successful people do everything they can to minimize risks before they venture into any endeavor. Market research is a major element necessary to decrease the risks by attaining knowledge.


I would have to disagree somewhat with this.

Many successful people follow the beat of there own drum and go where no one has gone before. (No market to research)

Marconi was actually arrested and sent for a psychiatric exam when he spoke of sending messages through the air with out telegraph wires. He later invented the radio.

There are 100s of examples of rule breakers and risk takers becoming wealthy in this book by Dan Kennedy. (Not an affiliate link) http://www.amazon.com/Succeed-Business-Breaking-Rules-Entrepreneurs/dp/0525941983/ref=sr_1_1?ie=UTF8&qid=1325038497&sr=8-1 I highly recommend all of Dan Kennedy books, by the way.

This book is a must read for anyone who want's to be wealthy (IMHO) Think and Grow Rich by Napoleon Hill

Think and grow rich is about the most famous of the rule breakers and risk takers who became very wealthy and successful. (Mods, again not an affiliate link)

I think the most important factor is to de-program ourselves from the hurtful garbage our parents taught us.
Things like "hard earned money" "Money doesn't grow on trees" "work hard and you will be rewarded"
"go to collage and get a good job"

Wealth comes to dreamers, risk takers, and people who "do everything than can to minimize risks". The key ingredient is self drive and motivation.
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