Market research is a process which helps to gather, interpreting and analyzing the information of a particular product or service in a particular market. It helps to analysis the potential customer of past and present. It research into the location, characteristics, habits and needs to the present market. It also helps to identify the particular competitor of the present market (Dickman, 2015).
Undertake market research to understand changing customer behavior- market research mainly helps to understand the needs of customers like what type of service expected by the customer, who is the potential customer etc. In other words market research helps to understand the changing behavior of their customer. Through research bunga-bunga hotel is also try to understand the changing behavior of their potential customers and try to meet or exceed the expectation level of their customers. This is the reason bunga-bunga hotel try to understand the market research and keeps it in the priority list (STRATEGY, 2015).
Enhanced advertisement- effective communication with the customer and attractive advertisement is required to make a business successful. Market research helps to judge the effectiveness of a particular advertisement. Bunga-bunga hotel also used market research report to analyzed the effectiveness of present advertisement or develop better prospects.
Employee training- market research helps to identify the needs of employee training and ensure that the training budget spent effectively. Bunga-bunga hotel use research report to identify the training level of each employee. To build long term customer relationship, well trained employee is required.
Technology enhancement- for expansion and growth of a business, new and advance technologies are required. Market research is the most important ingredient for identification of development areas. Bunga-bunga hotel is a service providing sector. If they provide high technological advancement to their customers, it will help them to make a good position in the present market ( Marketingresearch.org, 2015).
Dickman, N. (2015). Market Research, By DJS Research Ltd. [online] Marketresearchworld.net. Available at: https://www.marketresearchworld.net/content/view/14/38/ [Accessed 19 Feb. 2015].
Marketingresearch.org, (2015). Home | Marketing Research Association. [online] Available at: https://www.marketingresearch.org/ [Accessed 19 Feb. 2015].
STRATEGY, C. (2015). Consumer Behavior & Marketing Strategy Consumer Behavior & Marketing Strategy. [online] Academia.edu. Available at: https://www.academia.edu/6078770/Consumer_Behavior_and_Marketing_Strategy_Consumer_Behavior_and_Marketing_Strategy [Accessed 19 Feb. 2015].
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