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Effective market research will allow a business to find out the needs and wants of its customers. This means that the product or service can be tailored to these needs, leading to greater customer satisfaction.

There are many benefits of doing this:

• Tailoring of products to meet the needs of particular groups of consumers. If a product meets the needs of a consumer, sales will increase.
• Sale of products in the most appropriate places to reach the chosen target audiences. This can maximise sales.
• Pricing will be set to reflect what a target market will be willing to pay for a product or service. This can maximise profits.
• Tailoring of marketing and promotion techniques to entice a company’s target market. This will prevent money being wasted on ineffective marketing.