Market research is the very first step that must be taken for
the development of a marketing strategy due to the fact that
research helps in making a better and effective strategy. Some of
the advantages of doing a market research are:
- It helps in a better understanding of the customers. Having a
detailed information about the customers like age, gender, income
etc helps in a better profiling and gives an advantage in effective
targeting.
- Doing a market research also helps in getting the required
information about the existing competition in the market. Having
performed this analysis gives an appropriate picture of the major
competitors and their weaknesses which can help in making a better
strategy.
- Market research also provides insights about the changing
consumer trends. These trends are crucial for the formulation of
product related strategies. Eg: What new features should be added
to the product
- Market research helps in getting the insights about the demand
of a product or service. This can help in making strategies related
to the production planning and stock purchasing.
Please do not forget to upvote the answer. Thanks
:)