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GB500_Unit_4_Assignment.doc GB500 GB500: Business Perspectives Unit 4 Assignment: The Importance of Market Research GB500 Marketing Research: What is it? How does a company identify what a customer wants? What ta ...

GB500_Unit_4_Assignment.doc GB500 GB500: Business Perspectives Unit 4 Assignment: The Importance of Market Research GB500 Marketing Research: What is it? How does a company identify what a customer wants? What target market will a product sell best in? How much should an item sell for? These are just a few broad questions that, with the use of analytics, can help narrow down options to make the best decision possible for both the customer and company- this is market research. One can define market research as the process of collecting, analyzing and interpreting data from consumers, competitors or the industry as a whole (Levy, 2003). Businesses can use research at any stage of growth or development, and for a variety of purposes. It should continue to shape the direction of an organization as consumers are flooded with options to fulfill all of their needs, whether known or unknown. The main goal of market research is to make well-informed decisions that impact the desired future state of business. Rather than make decisions based off of intuition, research eliminates the â€œguessing gameâ€ out of innovation, this is mentioned in the Journal of Economic Literature (2005). It helps triage resources into actionable ideas that hold the highest potential. Without it, you may end up with a product, pricing strategy or advertising that doesnt align with the intended audience. This can lead to a drain of cash, resources, and ultimately the release of a product that does not withstand the press. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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