3 Benefits of Research Marketing Essay (Coursework Sample)

Week 3: Online Discussion
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Week 3: Online Discussion
3 Benefits of Research Marketing
Being a changing, restless, and dynamic business venture, research marketing experiences various challenges depending on environmental factors. Therefore, research marketing provides relevant data which enables a company to resolve marketing challenges that might arise during the business planning process. Strategies such as product differentiation and market segmentation rely heavily on market research. Further, the concept allows business leaders to assess the viability of new services and products through instruments such as focus groups, surveys, and product testing. Despite facing various predicaments precipitated by environmental factors, research marketing provides informational data that eases corporate decision-making.
Apart from assisting in decision-making, research marketing enables a company to realize its target market and the perception of consumers within these groups about the product line. In such instances, the market research could be conducted by a third-party company that majors in market research or the firm itself. Further, research marketing facilitates the application of effective administrative and long-term strategic goals (Masбrovб et al., 2015). Such benefits enable companies to achieve a balance between resources, objectives, skills, and varying opportunities of the target market. To survive within a competitive environment, a company must leverage research marketing to meet customer requirements and understand consumer demand. 
How it Impacts Businesses
Due to globalization and advances in technology, marketing strategy has emerged as an important tool for companies that seek to remain relevant in competitive markets. Research marketing impacts businesses through various functions such as exploratory and descriptive functions. Both elements apply when company researchers have minimal knowledge regarding a particular outcome or marketing situation. According to Farmanesh et al. (n.d.), research marketing affects a company’s market share by influencing the selling and product-placement strategies. Therefore, market research impacts business model