The Relevance Of Market Research Essay

560 words - 3 pages

Most businesses aim to grow, to be profitable and to increase market share. The most efficient way to accomplish these objectives is by conducting a market research, which will assist the company to collect and record data, making sense of all available information and therefore cooperating to develop accurate marketing strategies.
By conducting a market research, Timberland LLC would gain knowledge to understand the business environment that it competes, as well as the kind of customer the company is trying to target, getting a specific view of the needs and behaviour of its potential customers. Market research is undoubtedly essential to the success of any business, whereas it will guide its strategies, support its decisions, give the company an advantage over its competitors and contribute to achieve its goals.
The data gathered from primary and secondary researches would generate qualitative and quantitative responses. In return, these responses would help the company to identify relevant details about the customer's buying habits and preferences, economics shifts, demographic data, market trends and information about its competitors. Furthermore, a market research would allow Timberland LLC to determine if its products would cover unmet customer needs – as example price and distribution – and eventually discover new ideas for products and services.
Considering market research as a vital tool, the strategy of performing surveys about customers' opinions and needs as well as to incentive customers' feedback is essential. A depth research would allow the company to find out, for example, what customers think about Timberland as brand and product and their preferences when comes to design, price and location. Consequently, the responses would support decisions about services and product improvements and whereas the company may take steps forward with new...

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