2. Controlling Marketing Costs:
A systematised approach based on facts collected in marketing research will help in controlling costs on advertising, selling and distribution.
3. Exploiting New Markets:
Marketing research collects information about new areas where the product can be marketed. The tastes of consumers, the type of products already in the market, purchasing power of buyers will enable the marketing men to try the new markets.
4. Studying Marketing Competition:
Marketing programmes will be successful only if we know the strength of our competitors. The marketing strategies adopted by the competitors should be counted to sell the products. Marketing research will be helpful in collecting every information about the competitors.
5. Studying Impact of External Factors:
A number of external factors such as Government Policies, spending habits, purchasing power of consumers, substitutes available will influence marketing plans and programmes. The impact of external factors should be regularly analysed with the help of information collection in marketing research.
Studying Consumer Needs:
Marketing research aims to ascertain the actual needs of the consumers for a product which is already put on the market to manufacture a similar but more suitable product. The failure of a product should also be enquired to help future planning.