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The environment for marketing has become extremely dynamic. Without adequate preparation, it is difficult for organizations to survive in such an environment. Marketing research is one of the most effective tools that help organizations excel in the marketplace. Obtaining necessary information about customers’ tastes and preferences is the key to business success. |
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This investigation starts with problem or opportunity recognition and definition, development of objectives for the research, development of hypothesis, planning the research design, selecting a research method, analyzing the research designs, selecting a sampling procedure, data collection, evaluating and analyzing the data and finally preparing and presenting the research report.
The research process provides a scientific platform, contrary to the traditional intuitive approach of decision making by managers which used to put large amounts of resources of the organization at risk. Organizations in areas such as IT, pharmaceuticals, telecom, manufacturing, transportation, advertising, banking, law, education and even governments utilize marketing research to find solutions to different kinds of decision-making problems.
Marketing research is used in new product development, in segmenting markets, in identifying the needs of the customers, in sales forecasting and estimating the market potential of products and services, in analyzing the satisfaction levels of customers, and so on.
