Marketing research
Research is simply a process of finding out what one needs to know. Marketing research is an activity of gathering data concerning a given product and its current relation to the consumers and the general public. This data is then analyzed using scientific methods to come up with accurate information on predicting the future performance of this relation. The data is based on facts. These facts could be the historic sales or even the consumers’ response to a product due to a given advertising method. The final outcome of marketing research is a great tool in making critical marketing decisions. Marketing research is therefore the backbone of marketing decisions (Burns, Bush &Nash,2011).
In the 21st century, marketing Research is essential in making critical marketing decisions. Firms are at high levels of competition. All in a race focusing on winning the interest of the customers .For instance, Germany’s electronic retail giant company, Media Marks has gone to a level where it is using humor to engage the consumers while advertising its products. This has enabled the company to compete well with its other competitors since the customers have gained confidence in them. Any marketing oriented organization needs to develop and establish a proper marketing concept. The firm should be at par with the others or even a notch higher in order to stay vibrant in the market. For this to happen, a detailed marketing research has to be done before engaging in any marketing decision.
Marketing research enables the management learn more about the marketing environment. Firms get to know their target group from the general public. In this case, understanding the environment influences intelligent plans for the future. (Burns, Bush &Nash, 2011) This helps them accomplish their corporate goals in time. Marketing Research helps the firms realize new opportunities. It also assists in finding the weak links in any marketing idea and provides insights for necessary changes. Therefore it’s a clear cut fact that it is not possible to make a critical marketing decision without carrying out marketing research.
REFERENCES
Burns, A. C., Bush, R. F., & Nash, J. (2011). Basic marketing research: Using Microsoft Excel data analysis. Toronto: Pearson Canada.
