Marketing Research

Marketing Research

Marketing research has been impacted tremendously by changes in the business environment forcing management decision-makers to rethink their views on the subject. Some of the changes that are significantly impacting marketing research include advances in information technology, the use of big data, globalization, and changing consumer behavior (Babin & Zikmund, 2015). Information technology has radically changed marketing research, providing practitioners a level of accessibility that was not previously possible. It has, therefore, made decision-makers to view marketing research as simple as a click away and not the tedious process that was required previously. With information technology, decision-makers can comfortably analyze thousands of records, overcome geographical barriers, and access more of consumers’ personal priorities (Babin & Zikmund, 2015).

Big data was initially tentatively and cautiously embraced in the field of market research, but that is fast changing as practitioners now see it as a vital part of any market research project. Decision-makers are gaining more confidence in using big data and are no longer fearful that it is posing a direct challenge. With big data, businesses can dive into consumer data and unlock meaningful patterns that help them to analyze consumer behavior hence understanding the consumer better (Babin & Zikmund, 2015).

Consumer behavior is becoming more complex and so is market research required to evolve to suit the changes. Gone are the days when market research was about how to increase sales volumes and profitability alone but is now becoming more focused on gaining an understanding of what informs the dynamic consumer tastes and preferences. Management decision-makers have had to rethink their views on market research to put the consumer at the center of it.

Globalization brings about many changes in the world, and as this occurs, national differences are magnified, thus greatly affecting practitioners’ approach to market research. Globalization is forcing management decision-makers to be educated on the social subtleties of the market in which they operate or intend to research (Babin & Zikmund, 2015). Market research has to be customized to effectively respond to the national differences amplified by globalization.