Uses of Marketing Research

Marketing research is used by many businesses and applications. Below are some uses of Marketing Research:

1. Analysing the current market and its situation: Marketing research helps a company to analyse the current market scenario. This analysis consists of identifying the current market trends, economic condition, profit and loss, pricing, distribution, etc. This analysis helps to confirm the strategies and methods that are used.

2. Studying the company’s strengths and weaknesses and utilising these strengths to gain advantages in the business: Through marketing research, a business can verify its strengths and weaknesses with the help of a SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis. This helps businesses to work more on their strengths, reduce their weakness and improve accordingly.

3. Continuously diagnosing the threats that can occur in business: Continuously identifying the threats that can occur is an important task for the growth of a business. By analysing the threats that can occur, a business can take all the preventive measures that are needed and prevent them from loss.

4. Identifying the strengths and strategies used by competitors: Marketing research enables companies to gain insights into their competitors’ strengths, weaknesses, and strategies. Understanding the competitive landscape helps businesses position themselves effectively and devise strategies that can exploit competitors’ weaknesses or differentiate from their strengths.

5. Studying market opportunities and utilising them at the right time: Marketing research helps to analyse the available opportunities in the market. It helps to analyse trends, the needs of customers, and their segments.

6. Studying the marketing patterns of customers: It is important to study the purchasing patterns of customers; their habits, choices, motivations, and preferences they use. This analysis helps the company to enhance its products according to the need of customers and change its marketing strategies and techniques.

7. Analysis of other competitors present in the market: Marketing research helps to study other competitors that are present in the market. This analysis helps to improve strategies used by the company in order to play a leading role in the market, change their approaches, use statistics, and then perform accordingly.

8. Studying the overall progress done by the company: Studying the overall progress helps to analyse the profitable strategies and their techniques. By measuring some parameters such as brand awareness, satisfaction of customers, profits, and marketing a business can improve by working according to the study.