Fundamentally, in MB5841 strategic marketing, conducting market research is important to understand the market. Moreover, strategic management involves the recognition of competition, the identification of competitive advantage, and consequently serving the market that you can serve better than your rivals. Also, it involves deciding on which markets not to serve because the rivals can do it better. Similarly, market research is the process of determining the viability of a new service or product by researching directly with potential customers. Additionally, it allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
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THE BENEFITS OF MB5841 STRATEGIC MARKETING MANAGEMENT
Primarily, MB5841 strategic marketing management helps a business to adapt to changing markets. Furthermore, it enables a better understanding of the target market. This is because it involves conducting market research regarding domestic and international markets, competition, and market trends in certain markets. Also, it helps to identify the strategic direction. It involves making better decisions that align the marketing plan with the business’s goals. Moreover, it can yield more impressive results for a business such as better handling of the budget and overall increase in the longevity of a business.
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THE IMPORTANCE OF CONDUCTING MARKET RESEARCH
Essentially, conducting market research is important in understanding the target market. It helps a business to map out the full profile of the ideal customer. Additionally, the knowledge of the customers helps the business determine the market size and what triggers them to buy. Moreover, market research provides the business with knowledge about the competitors and how they approach the market. Consequently, this helps in MB5841 strategic marketing. It helps in assessing the market to identify key players and those on the rise. Also, helps to find weaknesses in the competitor’s approach.
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