Market research is the process of gathering important information that relates to the consumers of goods and services that are produced by a certain company. This helps in important decision making processes. In the case of S/M, it is important that the company gets important information that relates to customers so that the company can ensure that the goods that are produced by the company meets the needs of the customers.
In this case, market research in the global market is important in that it will help the company know the services that the customers want. The company will therefore be able to produce those services that are preferred by the customers. This will ensure that the company competes well in the global market. By competing effectively, the company will be able to remain in the market.
Marketing research is important in that it helps companies find out the best marketing methods that the company should use. Certain marketing methods are able to best reach the customers and the company in this case ensures that money is not wasted in unnecessary marketing activities. Marketing research should therefore be carried out to identify the marketing activities that will reach the customers of the company effectively and at the lowest cost.
The company should also be able to identify its target customers. In this case, S/M Company should carry out marketing research in the global market so that it can identify its customers. By knowing the target customers, their characteristics and needs can be known which will help the company to tailor its services to meet the needs of each of its customers. It will also be easy to market the services of the company if the target customers are known. In conclusion, global marketing research is of great value for a company like S/M that wants to extend its services to the global market.
Mooij, M. K., & Mooij, M. K. (2011). Consumer behavior and culture: Consequences for global marketing and advertising. Thousand Oaks: SAGE Publications.