Importance of Marketing Research

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Friends, in our last post we have discussed about the Introduction of Marketing Research. Today we shall discuss about the Importance of Marketing Research. For the sake of easy understanding, we have divided this topic into 10 sub categories. Those are,

1. Gap Filling : The present day marketing environment clearly indicates the increased distance between the producers and the ultimate consumers. Due to increased distance between the producers and consumers, the producers fail to get the right information with the existing source of information. The marketing research fills the gap and provides right information to the producers and also the the consumers.
2. Effective Competition tool : Modern marketing is consumer driven. Without considering the competitors, there is no scope to survive in the market. It is the marketing research that tries to understand the nature of and provide information to the organization to develop suitable strategies to meet the competitors and survive. Marketing research is vital to maintain and improve company's overall competitiveness. Many organizations continually collect and evaluate environmental information to identify future market opportunities and threats.
   
3. Strategic Information Tool : Marketing Research can helpful in answering the basic questions the marketers face. An increasing number of firms routinely use Marketing research to generate relevant information for developing effective strategies. 
4. Decision Making Tool : By emphasizing the need to gain a good understanding of customers, the marketing concept also stresses the importance of conducting marketing research in the early stages. Many firms have had major new product failures because they neglected to research market opportunities and constraints before deciding to introduce the products.
5. Updating the Organization : In the changed environment, it is the marketing research that tries to understand the changes that are coming up in the marketing and helps the organization to bring the necessary changes in the organization to come up to the expectations of the changed environment.
6. Marketing Orientation : Marketing research is the one which tries to understand the market and the consumer thoroughly. The information generated by the research will act as panacea to the organization to bring market oriented approach at organization level.
7. Impact Assessment Tool : Impact of new developments in the science and technology field will be assessed by the marketing research and facilitate the decision makers to take suitable step keeping the impact of it in mind.
8. Marketing Mix : Good marketing research will identify whether or not the marketing mix is effective enough to maximize the benefits to the firm (in terms of sales, profits, customer satisfaction and value) from available opportunities.
9. Marketing Strategies : To benefit fully from the opportunities uncovered in the market place a firm must develop an effective marketing strategy with effective marketing mix. Extensive marketing research helps in developing suitable elements of marketing strategies.
10. Control Technique : Marketing research facilitates the organizations to generate feedback of information from the market place to plan the activities and suggest corrective action to control the same.

That's all for now friends. In our next post we shall discuss about the Scope and Applications of Marketing Research.

Bhavya Vasudevan

 

Read more Marketing related Study materials for upcoming IBPS Marketing Officers and SBI Exams from here

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