Benefits Of Marketing Research

General benefits of marketing research are

1. Marketing research has made the job of forecasting and decision making easier by applying scientific norms.
2. Through this, the changing tastes of the consumers could be identified and the firm can suitably alter its production pattern or bring a new variety to meet in needs of the consumers.
3. By means of marketing research the type of competition that exists and the ability of the other manufacturers could be identified.
4. It helps the sales manager to push activities further thereby to enrich the sales as well as to find new markets and new customers.
5. It tells the management where the company stands in its industry
6. It tells management what the industry trends are & likely to be.
7. It is an essential tool in appraising and improving sales management effectiveness. Specific activities in this area include measuring variations in territorial sales yield, market share, sales effectiveness, measuring the effectiveness of individual salesmen and analysis of salesmen’s activities.
8. It is an essential tool in the development and introduction of new products.
9. Supplies data to be used in salesman’s and territorial quotas planning.
10. Supplies the facts for fixing the budget.
11. Helps determine the advertising methods that should be used and the angle that should be employed in the advertising copy.
12. Furnishes facts to convince dealers of the selling possibilities of given articles and to help them to increase their sales.
13. Predicts the trend of business conditions in given industries and furnishes a basis for promotion programs.
14. Ascertains the consumer’s likes and dislikes.
15. Reports the methods used by the dealers, display, advertising and selling
16. Measures the stock in the dealer’s hands.
17. Finds the dealer’s reactions to given policies.
18. Furnishes data for fixing dealer’s territories and quota.
19. Finds out and tabulates statistics in which the concern is particularly interested.
20. Keeps one informed about the developments in other industries, which may affect the business of the firm.
21. Measures the purchasing capacity of a given territory.
22. Discovers new uses for the product.
23. Analyzes the cost data that are available in published form.
24. Studies the organization of the concern with a view to suggesting changes or improvements