The Chief Marketing Officer of a large coffee company, Farbucks, wants to better understand their customers in order to come up with a new product called “Fan’s Favorite of the month”. What will be the research plan you will create for this purpose?

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Q: How important is Marketing Research for a firm ? Elaborate

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Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.