Marketing research activities aimed at meeting the information and analytical needs of marketing. Marketing research is the collection, processing, and analysis of data in order to reduce the uncertainty associated with making marketing decisions. Markets, competitors, consumers, prices, the internal potential of the enterprise undergo the research.
The purpose of marketing research is to create an information and analytical basis for making marketing decisions and thereby reduce the level of uncertainty associated with them.
If your company is going to work in another country with a culture that is very different from the usual one, then it is necessary to conduct market research and think over your strategy.
The objectives of marketing research are formulated on the basis of the strategic objectives of the company or the problems it faces.
- Finding potential customers, assessing their needs, current and future demand
- Current observations of the target market
- Forecasting long-term market trends
- Studying the activities of competitors
- Analysis of customer satisfaction with the services offered
Tasks of consumer marketing research:
- predict their needs
- identify the services most in demand
- improve relationships with potential consumers
- gain consumer trust by understanding their requests
- understand what the consumer is guided by when deciding to purchase goods
The use of business planning creates the following important benefits:
- - makes it possible to prepare for the activities of the organization in future conditions
- - clarifies the emerged issues
- - stimulates managers to implement their decisions in future work
- - improves the organizational operations within company
- - increases the ability of the company to provide the necessary information
- - improves process control
- - contributes to a more rational allocation of resources
Business planning is indispensable at the stage of creating your own business, promoting a product or service to the market, expanding your business, entering new markets and reorganizing companies and industries. The result of the business planning process is a system of plans. The plan includes key performance indicators that should be achieved by the end of the planning period, as well as a scheme for achieving them. You should know that external financing for an investment project is impossible without a business plan reflecting the future (projected) financial statements.