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In a word, marketing is the study of a society to determine what products or services a society might need or want. This information is very important to all companies, because if they want to survive and have a chance at thriving, their marketing research must be accurate. Otherwise, they may give or develop products and services that no one wants. If this happens, they won't even break even. They will wind up losing a lot of money.
Now the data that marketing agencies provide become the basis for much of what a company does next. It is used to create advertising pitches, develop business models, and most importantly, the creation of products or services.
In this economy, precise marketing is key, because people have less money. So, companies will need to give what people want and need at a great price.
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