Impacts of Marketing Research to Marketer
According to American Marketing Association, marketing research can be defined as a process that connects customers and end users to marketers through information so that they can understand more about the market. The information used to identify marketing opportunities and problems. Marketing research specifies the information required to solve the issues like designing methods for collecting information, manages and implements the data collection process, analyze the results and communicates the findings and their implications. Marketing research set out the answer for questions such as ‘How is our market changing?’, ‘What are our
First of all, marketing research is influencing in decision making by marketers. Marketers make a lot of strategic and tactical decision in the process of identifying and satisfying customer needs. Basically they made decisions about possible opportunities in the market, target market selection, market segmentation and so on. The decision become complicated when controllable marketing variables of product, promotion and distribution clash with uncontrollable environmental factors such as economic, political, social and cultural changes, technology. Marketing research helps marketer to link the marketing variables with the environments and consumers by providing relevant and more accurate information through primary and secondary research like quantitative and qualitative research. With accurate information, marketers can make a specific and correct decision in the same time reduce the financial risk attached with investment decisions.
Secondly, marketing research involves analysis of consumer, competitors and market trend data. It enables marketer to assess more accurately about the level of demands for the company’s products. Marketing research data provides marketer with customer’s feedback, let marketer know what the customers think about the products range,...