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a solid understanding of consumers is at the heart of good marketing before creating a product companies should know two things who is the product for and what problems is it going to solve for that customer group many examples of unsuccessful business initiatives have failed due to lack of marketing research the chances of launching a successful venture without carefully studying the marketer slim depending on the industry 60% to 95% of new products fail its been proven that 50% of advertising has no effect and 85% of promotions lose money well carried out marketing research helps companies prevent such costly mistakes it tells a great deal about the needs and wants of customers if they like driving cars with four wheels car producers should understand that and continue to produce cars with four wheels if customers want to hear the engines noise car producers should focus on that feature and ensure a great client experience marketing research can take many forms it can be carried out