An importance of marketing research is that it___________
Answer Details
The importance of marketing research is that it reduces the risk involved in decision making.
Marketing research provides businesses with valuable information about their target market, customers, and competitors. This information can be used to make informed decisions about product development, pricing, advertising, and distribution. By conducting marketing research, businesses can better understand their customers' needs and preferences, as well as identify potential opportunities and threats in the market.
With this information, businesses can reduce the risk of making decisions based on assumptions or incomplete information. They can make more informed decisions that are more likely to result in successful outcomes, such as increased sales or market share.
In contrast, not conducting marketing research can increase the risk involved in decision making. Without reliable information about the market and customers, businesses may make decisions based on assumptions or incomplete information, which can lead to costly mistakes, such as investing in a product that has no demand or pricing a product too high for the target market.
Therefore, marketing research is an important tool for businesses to reduce risk and make informed decisions that can lead to success in the market.