What is the Impact of marketing research on marketing mix ?
Marketing mix is one of the most basic and important ideas which is used in promoting various kinds of products. It is mainly outlined by four main elements which are: Price, Product, Promotion and place.
Market research is that tool which permits firms to spot the very key and vital information. Correct analysis is extremely critical to make the correct combination of the marketing mix which can give utmost client loyalty. For example, If the marketing manager has to predict about the future difficulties which KFC could be facing will be, due to opening of various similar brands, KFC will be facing various difficulties while competing with its competitors. Marketing research helps to identify such difficulties prior in advance and helps the brand to identify the solution way in advance. It helps to identify which might have a negative impact on customer or the brand, it gives a solution based approach. It not only identifies the product glitches but also helps in identifying the customer needs and wants, gives a fair idea about how to do advertising of the product or which feature to stress upon.
Through all these market research, KFC as a brand emerged.