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Question 1 Marketing research is important to an organization since it helps in the way that they decide what products to introduce to the market. Marketing research will also the company eliminate costs that could be incurred on introducing products or services which are not needed by the customers.
This provides opportunity for the company to concentrate on the segments and provide the products and services which were not adequately provided. Marketing research will also give the company a vision to identify the groups in need of their products and services. These demographic groups can be recognized by age, gender and locations, which will have made it easy for the serving company to provide their services and products (Pride and Ferrell 2012). Another important factor, which is the main reason of running a business, is the increase in profits from the sales of products and services. Marketing research will increase the profits of the company since the company will find a way of increasing profit margins by either producing certain products or selling the products to different demographic segmentations. Furthermore, it will provide the company with a vision on what are the impacts of increase in the prices of the different products and services. Marketing research will make a company sell more of its products and services, since the company will identify which place needs certain products and services, the likes and the dislike of the customers and the change in consumer patterns (Pride and Ferrell 2012). ...
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