Market Research Master Essay Example | Topics and Well Written Essays - 2500 words

Market Research Master - Essay ExampleThere is a growing consensus among management professionals on the agency and significance of investigate in selling decision-making. While there is a popular belief that more bullion spent on marketing explore 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 info concerning the behaviour, needs, attitudes, opinions, motivations etc., of individuals and organizations (commerc ial enterprises, public bodies etc.) within the context of their economic, social, political and everyday activities Cited Cannon, 1996 p.100 According to Bennetts 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 collection process, analyses the results and communicates the findings and their implications. Bennett, 1998 p. 117-18 It is evidentiary to note that the definitions, while placing an emphasis on the measurement and analysis of markets, goes beyond the confines of market research to solve a particular companys marketing problem, comprehend the broad field of marketing. Cannon, 1996 p.100 Accordingly marketing research essentially encompasses the 4 Ps of marketing La ncaster and Massingham present the major types of research, as including1. Marketing and sales research, which encompasses Determination of market surface of both developed and new marketsIdentification of market characteristics and segments Identification of market trendsSales forecastingObtaining information on customers and potential customersObtaining information on competitors 2. carrefour research, which coversGeneration of new product ideasProduct concept testing Product testingTest marketing of productsPackaging research focusing on contrary types of packaging3. Pricing research focusing on Identifying the relationship between a product or services price and demand4. Marketing Communications research coveringEffectiveness of advertisement campaigns and marketing communicationsMedia selection research Copy testing Sales territory planning5.