Topic > The Pros and Cons of Market Position - 735

Marketing research helps keep businesses abreast of current market trends and can also maintain a competitive advantage. Market research helps you understand your target market and can increase sales and/or reach a wider audience. The idea is to help identify potential customers and understand what your current existing customers want and/or need. This is great for any company to also identify opportunities that may exist in their market and examine and resolve particular issues they may currently be experiencing with their products.3. As far as serving your “current” customers goes, this might be a good strategy. You're satisfying your customer base, which is always a good business decision, but you're missing out on expanded opportunities. If a business wants to be successful, growth with new customers will always be necessary. To gain a foothold with new customers, research into exactly what diners in the area are looking for can help place new items on the menu that will attract new customers and, in turn, retain your current customers satisfied with new items to choose from, as well as their favorites. 5. Criticize the following methodologies and suggest the most appropriate ones