Market research data can be used in marketing and advertising strategies in several ways. Firstly, it can help identify potential customers by gathering demographic information such as age, income, family, and interests. This data can be used to discover opportunities and limitations for customer growth. Secondly, it can help understand the market better by answering questions like the desire for your product or service, the number of people interested in your offering, the income range and employment rate, the geographical reach of your business, the number of similar options available to consumers, and the price customers are willing to pay for these alternatives. The methods for direct research include surveys, questionnaires, focus groups, and in-depth interviews.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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