What is the purpose of marketing research?

The purpose of marketing research is fundamentally about acquiring insights that allow businesses to understand customer preferences and trends. This understanding enables companies to make informed decisions regarding product development, marketing strategies, and overall business planning. By identifying how consumers behave, what they value, and the factors that influence their purchasing decisions, companies can tailor their offerings to better meet the needs of their target audience. Additionally, having a grasp on market trends allows businesses to anticipate changes in consumer behavior and adapt their strategies accordingly.

While increasing sales through suggestion selling, training sales personnel, and setting pricing strategies are important aspects of a comprehensive marketing strategy, they do not encompass the primary objective of why marketing research is conducted. Instead, they are outcomes that might emerge from the insights gained through effective marketing research.