Define marketing research and explain its importance to marketing decision making.
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Define marketing research and explain its importance to marketing decision making. Marketing research is the process of collecting and analyzing data in order to solve specific marketing problems. Marketers use marketing research to explore the profitability of marketing strategies. They can examine why particular strategies failed and analyze characteristics of specific market segments. Managers can use research findings to retain current customers. Moreover, marketing research allows management to behave proactively, rather than reactively, by identifying newly emerging patterns in society and the economy. Questions 2.1 The task of marketing is to create exchanges. What role might research play in the facilitation of the exchange process? 2.2 Marketing research has traditionally been associated with manufacturers of consumer goods. Today, however, an increasing number of organizations, both profit and nonprofit, use marketing research. Why? Give some examples of specific reasons for organizations to use marketing research. 2.3 Write a reply to the following statement: “I own a restaurant in the downtown area. Every day, I see customers whom I know on a first-name basis. I understand their likes and dislikes. If I put something on the menu and it doesn’t sell, I know that they didn’t like it. I also read the magazine Modern Restaurants to follow industry trends. This is all of the marketing research I need to do.” 2.4 Give an example of (a) the descriptive role of marketing research, (b) the diagnostic role, and (c) the predictive function of marketing research.
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