Issue link: https://docs.hic.us/i/403552
However, the advantages, far outweigh the disadvantages. Don't forego this process or stop halfway because you are not getting the desired results. This may be an indication that you are going into the wrong business or that there isn't a market for your product or service. Which is ok. That's part of the process, to determine if you are making the right decisions or not. Don't be discouraged. You simply may need to modify your original plan. A few of the benefits of market research are outlined below. • Learning who your customers are and what they want. • Learning how to reach your customer and how frequently you should try to • communicate with them. • Learning which appeals are most effective and which ones aren't. • Learning the relative successes of different marketing strategies in relation to • their return on investment. While market research may appear to be a tedious, time-consuming process, it is necessary if you want to be successful. Think of market research as simply a method of finding out what catches customers' attention by observing their actions and drawing conclusions from what you see and as an organized way of finding objective answers to questions every business owner and manager must answer in order to succeed. Market research focuses and organizes marketing information, ensuring that it is timely and that it provides what you need to: • reduce business risks, • spot problems and potential problems in your current market • identify and profit from sales opportunities • get basic facts about your markets to help you make better decisions and set • up plans of action. If viewed from this standpoint, market research is an invaluable tool that can save you time, effort and money. Advantages And Disadvantages A well-written, comprehensive marketing plan is the focal point of all business ventures because it describes how you plan to attract and retain customers--the most crucial aspect of a business. And why are customers so important? The answer is simple. They ultimately are the means by which you will generate the income needed for daily operations, to repay debts and to turn a profit. In essence, the customers are your life-line and the marketing plan is the pipeline that allows you access to them - i.e., to fulfill their needs and expectations. The marketing plan is essential to any successful business. It is the heart of the business, the basis from which all other operational and management plans are www.hsi.us care@hsi.us 48