Market research defined : the planning, collection and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management.
Key marketing terms :.
o Marketing concept.
o Consumer orientation.
o Systems orientation.
o Marketing mix.
THE ROLE OF MARKETING RESEARCH IN DECISION MAKING .
Marketing research plays 2 key roles in marketing decision making :.
• It is part of the marketing intelligence feedback process. It provides decision makers with data on the effectiveness of the current marketing mix and provides insights for changes.
• It is the primary tool for exploring new opportunities in the marketplace.
THE IMPORTANCE OF MARKETING RESEARCH MANAGEMENT.
Marketing research plays 3 functional roles :.
• Descriptive.
The gathering and presentation of statements of fact.
• Diagnostic.
The explanation of data or actions.
• Predictive.
Specification of how to use the descriptive and diagnostic research to predict the results of a planned marketing decision.
TRENDS INFLUENCING THE IMPORTANCEOF MARKET RESEARCH.
• The unrelenting drive for quality and customer satisfaction.
• The paramount importance of keeping existing customers.
• The need for manager tounderstand the ever-changing marketplace.
APPLIED RESEARCH Vs. BASIC RESEARCH.
• Applied Research :.
Research aimed at solving a specific, pragmatic problem - often focused on trying to better understand the marketplace or why a strategy failed.
• Basic Research :.
Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem.
SITUATIONS THAT PRECLUDE THE EFFECTIVE USE OF MARKETING RESEARCH :.
Deciding whether to conduct market research.
• A lack of resources.
• Research results would not be useful.
• Poor timing in the marketplace.
• The decison has already been made.