MANAGEMENT

Detailed explanation-1: -Marketing research serves marketing management by providing information which is relevant to decision making. Marketing research does not itself make the decisions, nor does it guarantee success. Rather, marketing research helps to reduce the uncertainty surrounding the decisions to be made.

Detailed explanation-2: -For many businesses, market research is a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability. In fact, it can make the difference between making wise decisions that drive business forward and poor decisions that can damage your business.

Detailed explanation-3: -What is data collection in market research? Data collection entails gathering all the necessary raw information for your market research. Some people also extend the definition to include analyzing that data to extract valuable insights for your research objectives.

Detailed explanation-4: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-5: -Marketing research is the process of collecting and analyzing data from consumers and competitors to help businesses explore who their target customer is and what they want from the brand. Good marketing research can also provide insight into how effective marketing efforts are, and explore potential areas for growth.