About Companies & Marketing Research
Marketing research is a process through which companies research their products and markets by getting input and feedback from the public. This sort of research helps companies effectively market the products and services they produce.
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Function
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Marketing research helps companies identify characteristics of their product or service. They get the input from consumers they target in various ways. They then try to use the information to improve their product or service.
Types
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Marketing Research employs two major techniques. In the quantitative method of research, companies use statistical methods to interpret the answers that consumers give to structured questionnaires. In the qualitative method, companies get input from consumers through more subjective methods, such as group discussions, focus groups and individual interviews.
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Need for Research
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In a competitive market environment, companies always want to improve their product offerings. By getting feedback from consumers, they may also make decisions about whether to launch a product.
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