Do You Need Marketing Research?

Understanding the role of marketing research in business decisions is essential to success in any industry. In this article, we break down how to conduct effective primary and secondary research. 

We explain how to define a target market, analyze an industry’s attractiveness, analyze your competition, and develop a winning entry strategy. 

If you are new to the world of marketing, or are looking for tips on strategic market research techniques, our five-minute guide will help you hit the ground running.

What is Market Research? What is Marketing Research?
1. Marketing research is essential for making informed business decisions.
2. It helps understand customer preferences, behavior, and trends.
3. Market research guides product development to meet customer needs.
4. Competitive analysis through research aids in differentiation.
5. Ongoing market research is crucial to staying relevant and adaptive.

Understand The Role Of Marketing Research In Business Decisions

Market research is the process of gathering information about your customers, products, and markets so you can make better decisions. It helps you understand why they buy from you, what they need and how you can improve their experience.

When do you use marketing research?

  • To understand your customers’ needs and motivations. Why do they buy your product or service? What could be improved?
  • To understand your competition’s strengths and weaknesses. How are they addressing their target market’s needs? What are their strategies for success?
  • To benchmark, yourself against other companies compare similar industries in different countries or regions to see where you stand relative to each other on key metrics.

Such as growth rate or retention rate (the percentage of customers who come back after purchasing once).

Building a solid foundation for your marketing efforts starts with understanding What Marketing Research Is & How to Do It – Step by Step. By following a step-by-step approach, you can gather insights that drive successful campaigns.

Identify The Four Steps In The Marketing Research Process

The four steps of the marketing research process are to:

  • Understand the role of marketing research in business decisions
  • Identify the four steps of the marketing research process
  • Define primary and secondary data
  • Learn how to define a target market and analyze an industry’s attractiveness. 

You’ll also learn about conducting a strategic audit, developing an effective strategy for your business, and making sound decisions with data-supported information.

Describe Primary And Secondary Data

Primary data refers to information that is collected specifically for research. This can be achieved by either conducting surveys or interviews, or by observing behavior in person. 

Secondary data, on the other hand, is preexisting information that has been collected for some other purpose; it might have been collected by a different researcher or organization and then made available to you.

Primary data collection methods tend to be more reliable than secondary sources because they are designed specifically for your needs, in other words, they’re targeted at your particular problem. 

However, primary collection methods can also take longer and require more money than secondary methods because they require higher levels of organization and planning (or perhaps even hiring someone with those skills).

Secondary sources are easier to find since there’s already material out there about what you want (and don’t want) in your marketing research study which means less work for you! 

But wait: does that mean these sources aren’t as good? Not necessarily! They’ll still give relevant info about the topic at hand if used correctly.

Gain a deeper appreciation for the value of marketing research by exploring Why Marketing Research Courses Are So Incredibly Valuable. These courses can provide you with the skills needed to make informed strategic decisions.

Learn how to define a target market and analyze an industry’s attractiveness

To make significant marketing decisions, you need to know who your target market is. You also need to understand the attractiveness of your industry. 

In this section, we’ll show you how to do both of these things using two key frameworks: The Marketing Mix (4 Ps) and SWOT Analysis.

If you’re not familiar with The 4 P’s framework, it was first developed by Neil H. Borden in a Harvard Business Review article called “Some Ideas for Advertising Research” published in 1940. 

He described his model as consisting of four parts: product, price, promotion, and place/distribution channel (also known as a place). 

His model has been updated over time but remains one of the most widely used frameworks today when analyzing an organization’s overall marketing mix decisions or its elements within those decisions.

SWOT stands for strengths, weaknesses, opportunities, and threats  four areas that are critical when determining where an organization should focus its resources based on its internal strengths and external opportunities/threats faced by competitors or customers alike

Explain How To Conduct A Strategic Audit And Develop An Effective Strategy

A strategic audit is a marketing audit that focuses on the future and what you want to accomplish. It differs from a financial audit, which looks at past results and performance.

A good strategy for marketing research helps you identify your strengths and weaknesses so you can make informed decisions about how to use your resources most effectively in the future. 

A good strategy also lets you know where potential customers are likely to be located so you can target them with specific messages or offers.

A successful strategic plan will include goals for each stage of the sales cycle: awareness, interest, desire, and action (AIDA). The following are examples of goals for each stage*:

  • Awareness: I want my company’s name/brand/service recognized by 50% more people within six months
  • Interest: I want my company’s name/brand/service recognized by 100% more people within six months
  • Desire: I want my product line sold by 10% more retailers within six months * Action: I want total revenue up 5% in 12 months

When it comes to planning your next marketing research effort, consider these 11 Questions to Help You Prioritize Your Next Marketing Research Effort. These questions will guide you in selecting the most impactful areas to focus on.

Know Why You Need To Analyze Your Competition, Part I And Ii

The first part of this question is “Do you need to analyze your competition?” and the answer is yes.

Why do you need to know your competition? There are four main reasons:

  • To understand what your customers’ needs are so that you can create products or services that fit those needs and solve their problems.
  • To understand what strengths and weaknesses each competitor has so that you can either build upon them or avoid them in developing your products or services.
  • To understand how other companies within your industry are faring right now, which will help predict how they might fare in the future (and thus give insights into where trends might be headed).
  • To get an idea of what types of things matter most when it comes down to who wins in a particular area within an industry (and thus judge which factors may be most important for success).

Learn How To Create A Winning Entry Strategy

The next step is to create a winning entry strategy. If your product is unique and different, then you will be able to stand out in the market. If it has unique features like no other brand in the industry, it will make you stand out from the crowd. 

You can also consider making improvements to your products that are not yet offered by other brands to make them more attractive.

You should also look into ways how you can improve your packaging to make it more appealing to consumers such as adding new colors or changing the shape of the package so that they can easily recognize them while shopping at retail stores and supermarkets.

While competition analysis is important, also take into account the Top 11 Reasons Not to Research the Competition. Sometimes, focusing on your unique strengths can lead to more innovative solutions.

The Success Of Any Venture Is Determined By How Well A Company Understands Its Environment, Customers, Competitors, And Itself

Marketing research is a tool that helps you make better business decisions. 

By understanding the role of marketing research in business decisions, you can learn to identify the four steps in the marketing research process and how to use primary and secondary data for your strategic audits. 

This will enable you to define your target market and analyze an industry’s attractiveness.

The success of any venture is determined by how well a company understands its environment, customers, competitors, and itself. 

Marketing research provides this understanding through a thorough analysis of information obtained from surveys.

Or interviews with potential customers as well as secondary sources such as public records on demographics or economic trends within a particular geographic area (geolocation).

Evaluate your advertising strategies effectively by learning How to Distinguish Effective from Ineffective Advertising. This understanding will help you allocate resources wisely and optimize your marketing efforts.


If you don’t have experience with market research and don’t know where to start, your best bet is to hire an expert. Many market research companies can help you figure out what information you need and how to collect it so that you can use it effectively. 

We also recommend taking courses in marketing research and business strategy so that when the time comes for data collection, analysis, and decision-making you’ll be ready!

Further Reading

Here are some additional resources for further understanding the importance and benefits of market research:

Business Market Research: A Guide to Strategic Decision Making Short Description: Explore a comprehensive guide on business market research and how it aids strategic decision-making.

Top 10 Reasons Why You Need Market Research Short Description: Discover the top 10 compelling reasons why integrating market research is crucial for your business success.

Why Market Research Is Important Short Description: Delve into the significance of market research and its impact on making informed business decisions.


What is the significance of market research for businesses?

Market research provides businesses with valuable insights into customer preferences, industry trends, and competitive landscapes, aiding in strategic decision-making and ensuring the development of products and services that align with market demands.

How can market research benefit my business strategy?

Market research helps refine business strategies by identifying opportunities, minimizing risks, and optimizing resource allocation. It enables businesses to tailor their offerings to meet customer needs effectively.

What are the key reasons for integrating market research into my operations?

Some key reasons include understanding customer behavior, identifying growth opportunities, refining marketing strategies, assessing competition, and enhancing customer satisfaction through better-informed business decisions.

How can market research contribute to product development?

Market research enables businesses to gather customer feedback, preferences, and pain points, which in turn guides the development of products that cater to specific needs, enhancing the likelihood of success in the market.

What role does market research play in competitive analysis?

Market research allows businesses to analyze competitors’ strengths and weaknesses, identify market gaps, and differentiate their offerings. This competitive intelligence aids in crafting strategies that set your business apart.

Is market research a one-time process or an ongoing effort?

Market research is an ongoing process. Markets evolve, customer preferences change, and new trends emerge. Regular market research ensures that businesses stay relevant and adaptable in a dynamic business landscape.