What is marketing research and why is it important to marketing?
Marketing Research is the link between the market you are catering to and the actual firm that is selling to that market. It is important to marketing because it provides the firm with information from that specific market, which in turn is implemented for decision making. Without marketing research, it becomes infinitely more difficult to decide where to place your product, how to design it, how to price it, etc.
What are some characteristics of highly successful businesses?
They have a compelling and executable business idea. There is a large market available, however there is still large growth potential. The idea is original, however not completely new. The industry is growing. The business has a strong team.
What is bench marking, and why is it such an important process in business?
Answered succinctly, bench marking is the study of a competitor's product or business practices in order to improve the performance of one's own company. Bench marking is an integral process to businesses because it allows them to measure where their current performance is, it allows them to know where they want to be, and finally it lets them identify ideas of how to achieve that gap between "now" and the "future".