Personal Reflection to Market Research of Week 4

This week we learned about marketing research, metric and analytics. In my opinion, I always think that accurate data is the best way when analyzing or measuring the value or some specific staffs, include the potential profit or risk of some new decisions.

Marketing research is a basic foundation for marketing forecast and making decisions, it provides current accurate  information of markets to analyze the marketing.

for example, when a company is thinking to sell something, its very necessary to make a products demands research,to clearly identify the quantity, constructions and marketing  life cycle of the products. Besides, the income, populations ,consumer behaviors, politics, culture should also be included in the series of research to identify the price value and the product value.

Marketing researches enables marketers to recognize the condition of social economy and marketing demands, and lay a solid foundation to start marketing predicting and making marketing plans. It also could arrange the produce and supply of the elements to produce the products, thus making it more possible to satisfy the requirements or marketing. By marketing researches, we could recognize if the new product is popular among populations, if the marketing is big enough to accommodate new products. For companies, it helps companies to optimize their management, thus increasing the economic efficiency and reducing the cost.

These are all my own understanding of marketing research.

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