Why we conduct market research the millionaire question asked by the marketers while launching new product or service or finding the company perception in the mind of people and many more activities. As it is an important tool for decision making process. As it is necessary for the survival of business.
Every company has to conduct a marketing research for its product before entering into the market. Many companies make a mistake while selecting the research agency. This is the most important start up point for whole marketing research plan. It is rightly called as a soul of modern marketing management. To select a research agency is the most important decision and a challenging task for management to get the best work done.
Abbott nutrition a multinational company launched a product pediasure. The company had initially did not had a success for its product as the product was for small children under age of 2 years. The company made a mistake by thinking that they are well known in market and did not need any marketing research for its product so they finalize for direct launch before research and pre testing. This caused company at initial stage but later on when then the evaluation was done and recommendation was given and was implemented that bring that company product to its level in market.
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