MARKETING RESEARCH


AN INTRODUCTION

Most organizations rely on research to inform and improve their decision making
Since resources are scarce, organizations should understand needs and opinions of customers and other stakeholders
(This is where the value of research lies)

Research has the ability to provide high quality information for planning and decision making

Thus research allows:

•         Better quality decision making

•         Better use of resources

•         Better products

•         Better policies

•         Better relationship with customers and other stakeholders

IS RESEARCH A COST OR INVESTMENT?

Evidently, organizations which spend more on research are more successful in the long run, thus; RESEARCH IS VIEWED AS AN INVESTMENT NOT COST

What is research?

It is a systematic investigation of information and study of materials, sources etc in order to establish facts and reach new conclusions
•              In most general sense it is simply search of knowledge or truth
•              Research is the process of collection of information and data about the topic being studied
•              It is a formal, systematic application of scientific approach to the study of a problem to discover new information or expand and verify existing knowledge

Research is founded on scientific methods, which are in turn supported by philosophical principles about the nature and knowledge and how we construct the knowledge

WHAT IS MARKETING RESEARCH?

Marketing research is the link between the marketer and the market…

It is the starting point of marketing…


Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.




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