Redefining marketing research
The board of directors of American Marketing Association (AMA) has approved the following new definition of marketing research on August 2004.
‘’Marketing research is the function that links the consumer, customer, and public to the marketer through information--information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.’’
According to Chartered Institute of Marketing, UK
‘’…the objective gathering, recording and analysing of all facts about problems relating to the transfer and sales of goods and services from producer to consumer or user.’’
Why marketing research is important?
The fundamental reason for conducting marketing research is the widening communications gap between an organization and its customers and the need to provide a more basis for strategic marketing decisions. Marketing research has grown prominence in recent years for the following reasons:
• Increased competition compels greater depth in knowledge of competitive activities, strengths and weaknesses.
• Changes in the macro-environment (such as technology) must be constantly monitored.
• Increasing affluence amongst consumers brings about more rapid changes in needs, wants tastes and purchasing patterns.
• Marketing costs are rising faster than production costs.
• The shift from local marketing to global marketing.
• The shift from price to non-price competition.
• Wider acceptance of the marketing concept.
When marketing is research needed?
The determination of the need for marketing research rests on four factors. These as... [continues]
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