Marketing Research = Risk Reduction
Think of it as "decision insurance." Market research simply reduces the inherent risks involved in making business decisions.
Effectively using market and customer research can make the difference between a successful product launch and a failure. New products fail at a tremendous rate. The New Product Development process, Pricing, and Messaging are directly linked to customer need. Knowing your customers' needs will help ensure your marketing program's success.
Customer research is also "marketing plan insurance." Knowing your customers needs and how much they will pay you for a solution will help assure success and significantly reduce the risks inherent in business decisions.
What is the right amount of market research? A failed product launch, a mispriced service, or a mistargeted advertising program can cost the marketing manager more than just his or her budget. Get the right amount of market information to make aggressive business decisions.