Introduction
In today’s business world, people continue developing new ideas for improvement and competitive advantages. A well-designed marketing strategy is a critical step to achieving organizational goals and understanding the needs of all stakeholders, including customers, employees, and suppliers.
Discussion
In most cases, managers use marketing strategies as a plan with long-term and short-term aims, and any plan should have a solid background to ensure each decision and activity makes enough contribution. Marketing research is a process of gathering primary, secondary, qualitative, and quantitative information about products, people, and other influential factors in the chosen field (Bertram, 2022). It helps comprehend and determine the level of viability of a new idea, product, or service. Thus, marketing research plays an important role in the development of a marketing strategy because it proves if the offered steps and decisions are rational under specific conditions and available resources.
There are many examples of how marketing research affects a further marketing strategy. For example, when a new business is initiated, leaders and managers need to understand if their attempts can achieve some profit and grow with time. Competitive analysis is a form of marketing research to help the company see and analyze its prospects (Bertram, 2022). The company conducts online surveys and tracks recent activities to check what steps other organizations have already taken. This information is necessary to avoid unnecessary steps and attempts in a new marketing strategy.
Conclusion
The time spent on marketing research will cover the time on dealing with insufficiencies and problems within a plan. This example is not the only one of how marketing research affects marketing strategies. Still, it shows the rationality of decision-making in the current business.
Reference
Bertram, M. (2022). 7 types of market research and how to improve them. Forbes. Web.