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If the results of the market research show that the company is not able to satisfy the demands of the consumers, the company will then have to make necessary changes to their present marketing strategy in terms of the product itself, the pricing, the distribution channels and the promotions. Overall with the aid of market research, the company is able to be updated with the consumers demand and will then able about to work up competitive strategies to exceed over its competitors.
Increased understanding is another key word within my definition. No matter in terms of consumers or the competitors to the company, understanding the both groups is crucial to the success of one’s product and marketing strategy...
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