Marketing research is the objective and systematic process of identifying, collecting, analyzing, disseminating, and using information to improve marketing decision-making (Babin & Zikmund, 2015). Marketing research is important as it helps to take out some of the risks from decision-making.
The two main types of research in marketing are exploratory research or problem identification research, and problem-solving research. Exploratory research is aimed at identifying possible sources of opportunities or threats to the business or company that are not apparent on the surface. This kind of research identifies patterns and trends marketing that can be used by managers to make marketing strategies. This research rarely offers actionable conclusions for use in decision-making, but rather is an introduction to further more detailed analysis (Malhotra, 2015). Examples of exploratory research are market share research, market potential research, and forecasting research.
Conversely, problem-solving research is designed to find solutions to specific marketing problems. It is used when the marketing problem is known but cannot be solved using prevailing knowledge (Malhotra, 2015). Examples of problem-solving research include segmentation research, promotional research, pricing research, and product research among others.
Marketing research follows a more or less similar approach to scientific research. It begins with problem identification which entails specifying the decision problem and then the research problem. Upon identifying the problem, an approach to it is developed involving the specification of components of the research problem in terms of the research questions and hypotheses. Then the research design is formulated that suits the purpose of the research. This is followed by data collection from the field. The collected data is then prepared and analyzed before the study report is prepared and presented to decision-makers (Malhotra & Dash, 2016).
Marketing research is important as it enables managers to improve the quality of their marketing decisions, identify problems, enhance their understanding of the marketplace, and informs them of the trends in the market.
Buy an Essay Online from Professional Assignment Writing Agency. RoyalResearchService.com work on all types of assignments -irrespective of their academic field and level of difficulty. We handle small and medium sized papers, a few pages long essays, as well as full-scale dissertations/theses and coursework. All our papers are written from scratch.
Need Assignment Writing Help? We write papers from scratch and within your preferred time frame. The simple, safe, and Cheap way to buy Original assignment answers.
