Marketing Research Essay Example | Topics and Well Written Essays - 3000 words

Marketing Research - Essay Example With all of the important steps the research is designed and done accordingly to fetch the ultimate outcome. Introduction: Market forecasting is an important factor to be analyzed by the marketing team of the organization. For any decision the marketing research is very important. Starting from the customer satisfaction to the new product development and new branding strategies; the marketing research is important in all the aspects of marketing. This paper has different chapters dedicated to the thorough study of the marketing research. The importance of the marketing research in the decision making process, the different methodologies and data collection techniques are discussed thoroughly in this particular paper. The aim of this study is to understand the importance of the marketing research in the field of marketing decision making processes and forecasting. The Importance of the marketing research: The marketing research is the specific marketing function which is conducted to get the ultimate support for taking the marketing decisions (Wrenn, Stevens and Loudon, 2006). According to the American Marketing Association the marketing is defined as â€Å"the function which links the consumers, customer, and public to the marketer through information† (Wrenn, Stevens and Loudon, 2006). The marketing research is possible with the specified data, and it is done for some specific reason. It is a very expensive marketing affair. However, the best marketing research does not promise to produce the best marketing decision always. The marketing research specifies the important information to be needed to analyze the situation within and outside the organization. Without the marketing research no product development is possible. The proper marketing research tells the organization what are required to meet the expectations from the market. This is an essential function within the marketing department to simplify the future decision towards the development. Mark eting research is the ultimate option to understand the internal strength of the organizations and also the expected performance from the external environment. This is the quantitative analysis which would fetch the ultimate solutions to the specified problems. The mathematical and the statistical approaches help the marketing research to have the measurable characteristics. Role of marketing research in decision making: One of the main role of the marketing research is to simplify the decision making process in an efficient way. However, the complete marketing research plays two major role in the whole marketing system, and they are; 1. They are the part of the marketing intelligence feedback function, and 2. It provides the ultimate quantitative data to the decision makers to take decision accordingly towards future advancement. The segmentation research and the new product research are the most lucrative field in the marketing for the opportunist marketing managers (McDaniel and Gates, 1998). From customer satisfaction to the brand extension, every step is taken carefully with the suitable marketing research programs by most of the organizations. Satisfying customers is the main motive of most of the organizations in the recent business environment. And, to work according to