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What_is_the_marketing_research_and_is_it_useful - Essay Example

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Understanding the current as well as potential customers’ demands, needs and perception with the help of market research has been deemed as one of most…
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Download file to see previous pages Understanding the concept of marketing research and its critical importance was the major objective of the current report. It was found that market research entails both advantages and disadvantages. However, advantages outweigh the disadvantages and as a result, market research proves to be a crucial and necessary part of marketing programs conducted in an organisation.
Market research transforms raw data into meaningful intelligence. According to American Marketing Association (2014), market research can be defined as a function that links customer, consumer and public to companies and marketers through multiple information mediums. This information is further used for distinguishing and defining numerous marketing problems or threats and opportunities. Various applications of this information include generation, refinement and evaluation of marketing actions, monitoring of marketing performance and facilitation of enhanced understanding and knowledge of marketing. Market research targets the specific information required to address the above issues, design unique methods for collecting data and information, manage as well as implement the collected and filtered data and prepare results and strategize the implications into beneficial action plans (Andreasen, 2002).
Market research is conducted in two major forms, pure or basic research and applied research. Basic research is implemented when a researcher wants to discover new information or knowledge. After conducting the research, proper usage of the information is decided. Large corporations and universities generally conduct such researches. On the other hand, applied market research involves planned research wherein the findings are utilized for solving a specific issue or problem (Andreasen, 2002). In general, marketing experts working either for a corporate or independent ...Download file to see next pagesRead More
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