Submitted by: Submitted by itsgrishma
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Category: Business and Industry
Date Submitted: 09/08/2012 03:39 AM
#. Elaborate on the relevance and scope of Marketing Research in supplementing and complementing the marketing activities in accomplishing the marketing goals of a firm.
Solution :
Marketing research is the systematic gathering, recording, and analysis of data about issues
relating to marketing products and services. The goal of marketing research is to identify and assess how
changing elements of the marketing mix impacts customer behavior. For marketers, research is not only
used for the purpose of learning, it is also a critical component needed to make good decisions. Market
research does this by giving marketers a picture of what is occurring (or likely to occur) and, when done
well, offers alternative choices that can be made. For instance, good research may suggest multiple
options for introducing new products or entering new markets. In most cases marketing decisions prove
less risky (though they are never risk free) when the marketer can select from more than one option.
Using an analogy of a house foundation, marketing research can be viewed as the foundation of
marketing. Just as a well-built house requires a strong foundation to remain sturdy, marketing decisions
need the support of research in order to be viewed favorably by customers and to stand up to
competition and other external pressures. Consequently, all areas of marketing and all marketing
decisions should be supported with some level of research.
While research is key to marketing decision making, it does not always need to be elaborate to be
effective. Sometimes small efforts, such as doing a quick search on the Internet, will provide the needed
information. However, for most marketers there are times when more elaborate research work is
needed and understanding the right way to conduct research, whether performing the work themselves
or hiring someone else to handle it, can increase the effectiveness of these projects.
Marketing Research is of use to the following:...