How does marketing research affect a marketing decision? (500 words)

- First of all state the main reason of marketing research- which is to collect data and information to make good marketing strategies.
- Talk about how marketing research can help lessen the risks and the uncertainties that comes with decision making.
- Provide examples of key marketing decisions informed by research:- Provide examples of key marketing decisions informed by research:
- New product development is inspired (research brings the knowledge to actualize the target consumer needs/wants).
- Pricing. This is an important tool that researchers can use to get data and information on price sensitivity
- Advertising (determining successful messaging models/content is one of the areas for the research)
- Segmentation as well as targeting (identify unique customer groups by doing research on them) helps companies to know what the customers actually need, and how to satisfy those needs.
- Describe how research pursuits generate more strategic, effective, and profitable marketing choices.
- Touch upon the risks of marketing having been relying on poor research only.
- Summarize by once again highlighting the relevance of data based decisions for better performance marking.