Bachelor in Business Administration Semester 3: Prepared For: Lecturer's Name

This document discusses the importance of marketing research for business startups. It begins by defining marketing research as collecting and analyzing data about people or companies to understand customer needs. It then states that poor or no marketing research can lead to introducing the wrong products and harm a business. The results of marketing research, usually in a report, can help owners make informed decisions about strategies, operations, and customers. It lists several key reasons why marketing research is important: it helps identify business opportunities by defining target customers and their interests; it reduces risks by ensuring customer needs are still met; it helps optimize advertising budgets by targeting the key audience; it allows businesses to outsell competitors by fulfilling identified customer needs; and it simplifies decision making by referring

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Bachelor in Business Administration Semester 3: Prepared For: Lecturer's Name

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Brute1989

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BACHELOR IN BUSINESS ADMINISTRATION

SEMESTER 3

BBA – Company Law

ASSIGNMENT 1

Prepared for:
Lecturer’s name:

Prepared by:
Student’s Name: – ID No:
Marketing Research
Marketing research is a very vital and important step in every business start-up. It is basically a
system or process of collecting data about people or companies and then bringing it together to
analyze it to better understand what that group of people needs.
Market research, if poorly conducted or absolutely neglected can be very disastrous for business
start-up as this will lead to building introducing the wrong product into the market.
The results of market research, which are usually summarized in a report, are then used to help
business owners make more informed decisions about the company’s strategies, operations, and
potential customer base.
Reasons why market research is important

 It helps to spot potential business opportunities

After conducting a market research, it will give a clear indication of your target customers,
where you can reach them and what they're interested in. Once you’ve defined these, you’ll be
able to easily spot business opportunities.

 It reduces risks in business

Market research helps you check your current and potential customers to know if you still meet
their needs.

 Knowing where to advertise

Due to limited budgets, Market research helps to optimize the budget by taking the
advertisement to the key audience

 Outsell competitors

Knowing your customers helps you to win more. When you find your customers’ needs and aim
to fulfill those needs, you have a better chance of standing out from the competition.

 Decision making becomes simple

When marketing research is properly and frequently conducted, it eases situations when making
business decisions. You can always go back to your market research report and ask critical
questions based on that report; will this decision lead to more customers? Will you be able to
reach more people who are likely to buy from you? Will it be clear to them that your business
can meet their needs?