Importance of Marketing Research
Marketing environment is flexible and to survive in such flexible environment MR is important. Besides these there are some points which suggests the importance of MR. They are as under
1) To identify the consumer needs
MR is important to identify the consumer needs. It is very essential before introducing new product in the market. Without knowing the product‘s trends in the market, if product introduce, then there wouldn‘t be proper response to the product. The product may be fail. Therefore identification on of consumers need is important which can be done property by MR only.
2) To face competition effectively
Through the MR, marketer or manufacturer is able to study the strength and weaknesses of the competitors. This may help to the marketer to finalise his organizational strategies to compete well in the market. So he can face competition effectively.
3) To fix selling price
While doing good marketing, selling price plays very importance role. It is very sensible. One, element of marketing. With a minor change in price may lead to a greater change in sales volume. Therefore every marketer needs to be cautious on selling marketing price. It should be very fairly charged to product. In a competitive market MR helps to the marketer to fix price in suitable way.
4) To sell at the right places
The object of marketing is to sell the product at the right place to attain its target sell. Selling the products at the place where it has good demand is the crux of the marketing. Here MR help to the marketer to find out potential demand for the product and place for it.
5) To select the right promotion mix and channels of distribution
For the purpose of pushing up the sale of the product, a company needs to make use of promotional measures such as advertising, publicity, sales promotion tools etc. Here MR helps to find out effective promotional tools.
To supply goods properly and adequately that too on time to the consumers in the market is very difficult task. For that a very effective and efficient distribution chain is must. Marketing research helps to study the available distribution chain and find out the channels that are best suited to meet markets requirements or opportunities.