Menu

The Significance of Marketing Research

0 Comment

The need for quality information, needless to say, suggests the significance of marketing research in strategic marketing decision-making and in ensuring business success, particularly so in the present business environments characterized by the pressures of global competition and fast-paced changes in information and communication technologies as well as constantly evolving marketplaces and consumer choices.

There is a growing consensus among management professionals on the role and significance of research in marketing decision-making. While there is a popular belief that more money spent on marketing research may reduce the chance of a bad decision, business owners and marketers are often esoteric, [Chiba, 2005] and even critical of marketing research, considered costly in terms of money and time and lacking accountability and precision, being only a recommended action. [Chee and Harris, 1998. p. 193] The paper attempts to understand and establish the significance of marketing research in decision-making and for business success. As a prelude to the topic, it may be imperative to define and understand the scope of marketing research.

“the systematic collection and objective recording, classification, analysis and presentation of data concerning the behaviour, needs, attitudes, opinions, motivations etc., of individuals and organizations (commercial enterprises, public bodies etc.) within the context of their economic, social, political and everyday activities” [Cited Cannon, 1996. p.100]
According to Bennett’s Dictionary of Marketing Terms, marketing research provides information for identifying and defining marketing opportunities and problems. generating, refining and evaluating marketing actions, monitor marketing performance and improve understanding of marketing as a process. It also designs the method for collecting information. manages and implements the data&nbsp.collection process, analyses the results. and communicates the findings and their implications.&nbsp.