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Introduction to Marketing Research
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Title : Introduction to Marketing Research Textbook |
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The environment for marketing has become
extremely dynamic. Without adequate preparation, it is difficult for
organizations to survive in such an environment. Marketing research is one
of the most effective tools that help organizations excel in the
marketplace. Obtaining necessary information about customers'tastes and
preferences is the key to business success.
Marketing research provides
information about consumers and their reactions to various products, prices,
distribution, and promotion strategies. Marketers who collect accurate and
relevant information quickly and design their strategies quicker than their
competitors are more likely to be successful.
Marketing research helps in effective planning and implementation of
business decisions by providing accurate, relevant, and timely information.
The process of marketing research involves a series of steps that
systematically investigate a problem or an opportunity facing the
organization.
This investigation starts with problem or opportunity
recognition and definition, development of objectives for the research,
development of hypothesis, planning the research design, selecting a research
method, analyzing the research designs, selecting a sampling procedure, data
collection, evaluating and analyzing the data and finally preparing and
presenting the research report.
The research process provides a scientific platform, contrary to the traditional
intuitive approach of decision making by managers which used to put large
amounts of resources of the organization at risk. Organizations in areas such as
IT, pharmaceuticals, telecom, manufacturing, transportation, advertising,
banking, law, education and even governments utilize marketing research to find
solutions to different kinds of decision-making problems.
Marketing research is
used in new product development, in segmenting markets, in identifying the needs
of the customers, in sales forecasting and estimating the market potential of
products and services, in analyzing the satisfaction levels of customers, and so
on.
Introduction to Marketing Research provides an overview of various
marketing research tools and techniques, and their application to different
marketing problems.
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