The Important of Market Research

The Importance of Market Research

Paul Zachary

MKT/441

March 22, 2015

The Importance of Market Research

Marketing is a vital part of a company that empower the entire industry as a whole. This is 0f the uttermost important for any business health that will make it surivie. It is the viewing of the whole business. It covers everything from the customer's point point of view, in which they takes all aspects into the fullness of its’ report; this is from every aspect of the marketing mix. This includes the product, price, distribution channels and marketing communications. Understand all these are vital factors that affect the customer's response to products and service.

What is Marketing?

There are several definitions for marketing and one of them is: "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy customer and the organization objectives". The very concept of marketing as a business is also defined as a process that is intended to find, satisfy and retain customers while business makes a profit. This is a strong and good definition. Yet the most certain of all these definitions is the fact that the customer and their feedback to the product and service rendered.

Therefore, market research is vital for a company to know what type of products or services would be best or suitable to introduce to the market in which they are in. Also good market research enables a company to know if it has been able to satisfy customer needs and whether any changes need to be made in the packaging, delivery or the product itself. This empowers a company to come up with a valible marketing plan or measure the success of a plan that is already in place.

Market Research is a continuous process for collecting, investigating and interpreting information about a particular market a company operates in or a product/service...