This MKTG1045 understanding the importance of market research paper will give us a deeper understanding of the importance of market research to entrepreneurs. Conducting market research entails gathering information about what customers prefer and need to, and classification is in two categories. The first is quantitative market research that involves the collection of data that are analyzed using mathematical methods. The second is qualitative market research, whereby the determination of customer needs and wants is through observation. Market research aid entrepreneurs in determining types of customer segmentation, enhancing business growth, gaining knowledge about competitors, and testing products before launching. Lastly, for Stitched to succeed in their business, they need to conduct thorough market research.
MKTG1045 understanding the importance of market research
TYPES OF CUSTOMER SEGMENTATION IN MARKET RESEARCH
Customer needs and wants vary from one customer to another; therefore, it is essential to group customers. Grouping the customers makes it easier for entrepreneurs to determine accurate numbers for stocking up products. Therefore, this grouping is what is primarily referred to as customer segmentation in business terms. The types of customer segmentation are demographic, geographic, lifestyle, behavioral, and life stage. In assessing the customers and placing them in their respective segments, Stitched Up can achieve customer satisfaction. Stitched up should evenly allocate necessary resources for segmenting the customers, such as the massive distribution of questionnaires to the target market. The importance of market research reveals itself when grouping the customers through the excellent execution of research in the market.
types of customer segmentation in market research
MKTG1045 UNDERSTANDING THE IMPORTANCE OF MARKET RESEARCH AND THE ADVANTAGES OF ESTABLISHING AN E-BUSINESS
E-business is a business operation carried out electronically with the aid of the internet. Customers can order using electronic devices without physically going to the shop. Following the current global coronavirus pandemic, many businesses, including Stitched Up, have been forced to shift to online business. Stitched up ought to understand the importance of market research for them to execute the online business properly. The importance of market research is getting the approximate coverage of their market for efficient planning of deliveries. The advantages of e-business are, saves money, simplified advertising, increased operation time, and streamed lined decision-making process. It is also crucial for Stitched Up to establish their type of customer segmentation to determine the online business’s target market.
the advantages of establishing an e-business
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