Weekly Ass. #9 – Essay Example
Marketing Research: Process and Importance [N a m e] Marketing research is a systematic process that enables marketers to identify opportunities prevailing in the market and to develop and execute plans to grab those opportunities before the competitors. It often applies scientific methods to offer relevant and authentic information for resolving marketing problems and for the purpose of important decision making (Bradley 2-4). The first step in the marketing research process is to ‘define the problem’ whereby the marketer specifically defines the goals that are to be achieved as well as the measures against which performance would be measured. The next step is to identify what data is needed for making marketing decisions and the means through which data will be collected i.e. questionnaires, interviews etc. Being clear on the data requirement and the sources that would be used, the marketer moves ahead to collect the relevant data through primary and/or secondary sources. After the data is gathered, it is analyzed to make final decision (Malhotra 10-12).
Through marketing research, customers’ insights could be gained on one-to-one basis. Marketing research is the best way to improve business decisions because it enables one to incorporate customers’ desires, feedbacks and suggestions into various aspects of business e.g. products, services, advertisements etc. On the basis of marketing research, important marketing mix decisions could be taken e.g. decisions pertaining to features and appearance of the product, discounts, warranties, profit margins, point of sales, sales promotions, branding etc. All these decisions will be backed by thorough research and thus there is a high probability of customer acceptance of those decisions which would ultimately lead to customer satisfaction. Marketing research techniques can range from as easy as questionnaires to complex ones requiring the assistance of marketing research firms, depending on the tenacity of the problem being tackled. Regardless of the complexity associated, marketing research provides sheer data revealing customer opinion and helps improves business decisions (Kolb 1-12).
Bradley, Nigel. Marketing Research. New York: Oxford University Press, 2007. 2-4.
Kolb, Bonita. Marketing Research: A Practical Approach. London: Sage Publications Ltd., 2008. 1-12.
Malhotra, Naresh. Marketing Research: An Applied Orientation. 5th ed. New York: Pearson Education, 2007. 10-12.