WHAT IS AFFILIATE MARKETING ?

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  Affiliate Marketing for Beginning Marketers Affiliate marketing is when you market a company's item or product in exchange for a percentage of the sales you earn. Commissions typically are proportional to the sales cost, but they can also be fixed.   Why do affiliate marketing? Two reasons are listed below why you should think about doing affiliate marketing: 1. Low-cost and low-risk Beginning a business requires initial costs for goods such as employees, rental, equipment and so on. This is costly and risky. Affiliate marketing is a simple process. All you require is a website. If you don't succeed the way you want, all you've wasted is time and a bit of cash. 2. Easy to increase A typical salesperson sells products from one particular company. If you are an affiliate marketing professional you are able to promote various products from different businesses as well as earn commissions from each of them.   What is affiliate marketing? The retailer provides each affiliate...
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WHAT IS MARKET RESEARCH

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 What is Market Research?

Market research is defined as the process of appraising the feasibility of a new product or service, through research shown directly with potential consumers. This process allows organizations or businesses to determine their target market, collect and document opinions and make informed decisions.

Market research can be shown directly by organizations or companies or can be subcontracted to agencies that have expertise in this process.

The process of market research can be done through organizing surveys, interacting with a group of people also known as a sample, directing interviews, and other similar processes.  

The primary purpose of leading market research is to understand or examine the market related to a particular product or service, to decide how the audience will react to a product or service. The information obtained from conducting market research can be used to tailor marketing/ advertising activities or to regulate what are the feature priorities/service requirements (if any) of consumers.






Three key objectives of market research

A market research project may generally have three different types of objectives.

1-Administrative: Help a company or business expansion, through proper planning, group, and both human and material resources control, and thus content all specific needs within the market, at the right time.

2-Social: Satisfy customers’ specific needs through a vital product or service. The product or service should fulfill a customer’s requirements and favorites when consumed.

3-Economical: Regulate the economical degree of success or failure a company can have while being new to the market, or otherwise introducing new products or services, thus providing inevitability to all actions to be implemented.

 

Why is market research important?

Conducting research is one of the best ways of reaching customer fulfillment, reducing customer churn and inspiring business. Here are the reasons why market research is important and should be measured in any business:

1-Valuable information: It provides information and opportunities about the value of current and new products, thus, helping businesses plan and plan accordingly.

2-Customer-centric: It helps to control what the customers need and want. Marketing is customer-centric and thoughtful of the customers and their needs will help businesses design products or services that best costume them. Remember that outlining your customer journey is a great way to gain valuable visions into your customers’ feelings toward your brand.

3-Forecasts: By sympathetic the needs of customers, businesses can also predict their production and sales. Market research also helps in determining optimal inventory stock.

4-Competitive advantage: To stay ahead of participants, market research is a dynamic tool to carry out proportional studies. Businesses can devise business strategies that can help them break ahead of their competitors.

 


Sources of Primary Market Research

Primary research is often more expensive and time-consuming. But it is the best way to get the info that your business requires. The most popular prime research tools are:

·  Customer surveys. 

·   In-depth interviews

·   Focus groups

·   Observation. 

 

Sources of Secondary Market Research  

Often referred to as ‘desk research’, secondary market research is best suitable for gathering broad intuitions into market trends. This helps to guess and analyze the current situation in terms of competition. The most common secondary research sources are:

·  Government reports and studies

·  Trade or industry-specific journals, magazine newspapers

·  Television and radio

·  Academic papers and educational resources

·  Literature reviews

· Online articles and case studies

 

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