Marketing Research Paper
Marketing research is the gathering, recording and analyzing of all data about problems relating to the marketing of goods and services. A company uses this function to link the consumer, customer, and public to the market. A marketing research is an important part of business, and without it, companies won’t be able to keep in touch with trends, demands and preferences of their consumers. Although conducting marketing research can be time consuming and costly, it is beneficial in the long run and the cost of the research needs to be balanced against the importance of ensuring that the business venturing into new products is potentially going to be successful. The four elements of marketing mix, price, product, place and promotion form the basis of any good market research. Using these elements will guide the company’s research and focus the question that needed to be asked.