Uses or importance of marketing research to business , Marketing Research

Uses or Importance to Business and Industry:

1 Decision making tool: marketing research is useful for taking marketing management decision. It provides necessary information and data in analyzed and processed forms for making marketing decisions. With advanced technology higher production functions and an increasing marketing complex market research has become an indispensable tool for making appropriate decisions.

2 Management planning: marketing research is used for management planning. It deals with marketing opportunities i.e. those opportunities which are viable to be exploited by management. Thus marketing management can assess the resources that will be useful for the business.

3 problem solving: starting from problem identification to formulation of alternative solutions and evaluating the alternatives in every area of marketing management is the problem solving action of marketing research.

4 Control Technique: marketing research is used as a control technique of marketing management to find out the weakness and shortcomings of the management decisions to reorient the planning and performance techniques.

1.       Large scale productions: marketing research helps large scale production by providing suitable decision to be undertaken by the products to exploit the existing production resources to meet the growing markets. The resources of the production and market potentials are property assessed by marketing research.  

2.       Complex market: the advancement of science and technology and the standard of living of consumers closer touch with the growing markets. The size and specialization important in the business unit and the intervention of numerous middle men between the manufacturer and customers created a wide communication gap.

3.       Pattern of consumption: the pattern of consumption is to be assessed by the marketing management. The study of buyer's behaviour, attitudes and capacity to purchase is very important in the marketing research. The purchasing powers of a consumer depend upon his disposable personal income. Thus, the total purchasing power of a country or geographical area can be assessed by the disposable income of the place.

4.       Market complex: the marketing activities are influenced by the several internal and external environments. An internal environment includes price, promotion, production and place (distribution), whereas the external environments include economic, sociological, political, legal and government motives.

5.       Suitable marketing operations: marketing operations decide production functions, and marketing operations can be better decides by the findings of the marketing research.

6.       Pricing: in the marketing management, is not arbitrary for follow up action of competitions, it has to be judicioulyfixed, which is done effectively with the study of various marketing variables.

7.       Marketing strategy: marketing management has to lay down appropriate marketing strategies to meet competition to purchase growth in the market and to attain organizational objectives.

8.       Distribution: marketing research helps the members of the channel of distribution to formulate suitable policies and programmers to solve their problems.

9.       Sales promotion: marketing research can decide suitable media of sales promotion after a study of the various channels of promotion. The costs and benefits of the advertising, personal selling and wide publicity should be studied to decide the most appropriate media of sales promotion.    

Posted Date: 9/19/2012 8:02:05 AM | Location : United States

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