30 basic Advantages of Marketing Research

Defines Marketing research by Professor Philip Kotler as, “Systematic problem analysis, model-building and fact-finding for the purpose of improved decision making and control in the marketing of goods and services.”

The following Advantages of Marketing Research below are:

1. It helps the firm in exploring new uses for its existing products and thereby, increasing the demand for its products.
2. It is helpful to a firm in making sales forecasts for its products and thereby, establishing harmonious adjustment between demand and supply of its products.
3. It helps the firm in exploring new markets for its products.
4. It helps the manufacturer in finding out the effectiveness of the existing channels of distribution and in finding out the best way of distributing the goods to the ultimate consumers.
5. It guides the manufacturer in planning his advertising and sales promotion efforts.
6. It is helpful in assessing the effectiveness of advertising programs.
7. It is helpful in evaluating the relative efficiency of the different advertising media.
8. It is helpful in evaluating selling methods.
9. It reveals the causes of consumer resistance.
10. It minimizes the risks of uncertainties and helps in making sound decisions.
11. It reveals the nature of the demand for the firm’s product. That is, it indicates whether the demand for the product is constant or seasonal.
12. Marketing research helps the management of a firm in planning by providing accurate and up-to-date information about the demands, their changing tastes, attitudes, preferences, buying
13. It helps the manufacturer to adjust his production according to the conditions of demand.
14. It helps to establish a correlative relationship between the product brand and consumers’ needs and preferences.
15. It is helpful in ascertaining the reputation of the firm and its products.
16. It helps the firm in determining the range within which its products are to be offered to the consumers. That is, it is helpful in determining the sizes, colors, designs, prices, etc., of the products of the firm.
17. It would help the management to know how patents, licensing agreements and other legal restrictions affect the manufacture and sale of the firm’s products.
18. It is helpful to the management in determining the actual prices and the price ranges.
19. It is helpful to the management in determining the discount rates.
20. It helps the manufacturer to secure economies in the distribution о his products.
21. It makes the marketing of goods efficient and economical by eliminating all type of wastage.
22. It helps the manufacturer and dealers to find out the best way of approaching the potential
23. It helps the manufacturer to find out the defects in the existing product and take the required corrective steps to improve the product.
24. It is helpful to the management in ascertaining the price elasticity for its products.
25. It helps the firm in knowing the marketing and pricing strategy of competitors.
26. It is helpful in knowing the general conditions prevailing in the mark
27. It is helpful to the management in finding out the size of the market for its products.
28. It helps the firm in knowing its market share over various time periods
29. It is quite helpful to a firm in launching a new product.
30. It helps the firm in knowing the transportation, storage and supply requirements of its products.