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Jon's Tip of the Week - 11/10/2014

One of the things I learned early in my career in the advertising and marketing business is the importance of doing reliable, in-depth research before attempting any creative work.Very simply, the more you canlearn about your industry, market, competitors and trends, the more successful your promotions and campaigns will be.

In short, market research is a key factor to maintain competitiveness over competitors. It is not the glory part of the advertising business but the grunt work.

One good definition of market research is: any organized effort to gather information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Peter Drucker believed market research to be the quintessence of marketing.

An important part of Market research is a SWOT analysis. This is a written report of the Strengths, Weaknesses, Opportunities and Threats to a business entity that should be completed by all management and key employees in a company. Not only should a SWOT be used in the creation stage of the company but could also be used throughout the life of the company. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes.

So, if you really want to have more success with your marketing efforts, don't skip over the market research stage. You'll be happy you did when you see greater results from your marketing efforts.

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