solved Post a total of 3 substantive responses. This includes your

Post a total of 3 substantive responses. This includes your initial post and 2 repliesRespond to the following in a minimum of 175 words: Why is marketing research important to the development of a marketing strategy? Provide a specific example. Be constructive and professional.Student 1 (rm)Whether a company is selling a good, providing a service, or offering an idea/information-based business, it will face an extremely crowded and competitive marketplace. Knowing that it can not be all things to all people, a business must fine tune and differentiate its product offerings from other businesses. The company’s marketing strategy will help ensure that their actions deliver customer satisfaction which will help it meet its long-term goals. A company uses marketing research to collect and analyze data in order to reduce their financial risk and improve their marketing decisions. The U.S. cereal industry is a very stable market with projected growth at less than 1% annually. However, General Mills has seen a significant increase in the sales of one of its flagship brands – Cinnamon Toast Crunch. Cinnamon Toast Crunch once had a market share of less than 2%, but now has a market share of greater than 4%. Marketing research indicated that the customer liked the taste and attributes of the cereal, but they wanted more cinnamon. Since adding more cinnamon to the product and advertising it as the “taste you can see” sales have dramatically increased. The company recently built a new production system with packaging lines to accommodate current and expected sales.Student 2 (nr)Research is a very important step in any business marketing or other expect of our processional world. research guides and helps to analyze the area, demand and the customers you are going to deal with. knowing your customer helps to achieve the goal in extending the probability in business. I can use another example for say, If I am going to launch new product or going to present new product. I have to understand in and out about that specific product, which I am going to sell and for that I have to make sure that I am prepared with all facts about the product ingredients very well so I can present myself/company as credible, if any questions are being asked. Research basically helps to boost the confidence level on selling the product and making the profit without any doubts. Research also helps to know about your competitors in the market. if research is done well then there are less chance of having a lose in market. It helps to target the right area in the market and to expand the business quickly.