Advantages of Market Reseach

Only available on StudyMode
  • Download(s) : 44
  • Published : February 22, 2012
Open Document
Text Preview
Why is Market Research Useful? The Importance of Market Research What Is Marketing?
Marketing is a necessary activity that encompasses the entire business and is vitally important to sound business health. It is viewing the entire business from the customer's viewpoint takes into account every aspect of the marketing mix from the product to price, distribution channels and marketing communications. All these factors affect the customer's response to a product or service. Marketing Defined And The Need For Market Research

One definition of marketing states: "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives". The concept of marketing as a business philosophy defines marketing as a process that is intended to find, satisfy and retain customers while business makes a profit. But central to all these definitions is the role of the customer and his relationship to the product (i.e. whether he considers the product or service to meet a need or want). Therefore, market research is imperative for a company to know what type of products or services would be profitable to introduce in the market. Also with respect to its existing products in the market, good market research enables a company to know if it has been able to satisfy customer needs and whether any changes need to be made in the packaging, delivery or the product itself. This enables a company to formulate a viable marketing plan or measure the success of its existing plan. Market Research Is An Essential Management Tool

Market research consists of a plan that charts how relevant data is to be collected and analyzed so that the results are useful and relevant for making marketing decisions. Once the research and the related analysis are complete, the results are communicated to management. This provides management with in-depth information...
tracking img