Marketing Research Theory and Practice

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According to the article, there is a market – finance interface that exists in the operational sphere of every organization. This helps the organization interact with its external environment so as to create ample scope for the creation of market assets as well as cash flows. In this article, the writers have taken the focus away from mere sales growth and profit figures in order to show how the various aspects of marketing can contribute to the overall brand image and thus create a better environment for garnering of financial inputs as well as outputs. (Srivastava et al, 1998) In this regard, the various aspects that have been dealt with are discussed in this paper as follows.
According to the article by Srivastava et al, (1998), the basic theme of market research revolves around providing the means for an organization to broaden its horizons in terms of its goal achievement plan and its strategic positioning in the market. The implication of this theory revolves around the fact that the modern day organization needs to follow various steps in the research and examination of its various levels of operations and scope in the dynamic business environment that surrounds it. These steps include the following:
Development of a goal or a mission in keeping with the basic capabilities of an organization. This includes knowing what the organization’s basic output is in terms of its human resource base.
A study of the market forces. This will help the organization realize the potential of the product in lieu of similar products that are being sold in the market through an emphasis on the demand and supply of the same.
Grouping and organization of resources. This is a crucial element that can make or break an organization. Through the grouping of resources, an organization manages its finances in a better way so as to garner funds that will be circulated in the marketing activities. Through this process, there is also a focus on creating a better market standing for the organization.
The basic implications for these broad and age-old principles in lieu of the article by Srivastava et al demonstrate that the writers have shown an affinity for the broad spectrum of marketing research in the development of their market – finance interface. Market research is a primary function that gives rise to findings regarding the organization as well as its standing in the external environment. According to Srivastava et al, this has a major implication for the market-based assets. (Srivastava et al, 1998) The tools of market research help an organization create an identity in the following areas:
Change and knowledge management: The ability of an organization to cater for change and go along with the flow helps it earn more market-based assets. The modern-day economy is one that is changing with each passing day. The state of commerce is not what it used to be, say, a few decades ago. This is basically due to the fact that the new rule of thumb is that the only constant changes. The face of politics has greatly shaped the way the economy of a country and therefore, that of an organization operates. In this way, there is a sense of constant interaction with the