Nobody downloaded yet

Evaluate the Role of Market Research in the Decision Making Process of an Organisation - Essay Example

Comments (0) Cite this document
Summary
Name: Tutor: Course: Date: University: Evaluate the role of market research in the decision making process of an organization Introduction Market research can be regarded as the function linking the marketer to the customer through information. The information collected during market research plays an essential role in evaluation of marketing options, monitoring performance in the market and defines opportunities and problems in the market…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Evaluate the Role of Market Research in the Decision Making Process of an Organisation
Read TextPreview

Extract of sample "Evaluate the Role of Market Research in the Decision Making Process of an Organisation"

Download file to see previous pages Mostly, the firm undertakes a study of a small sector of the population and the data collected represents the entire population. For example, married women who work in Bristol and are between the ages of 30-45 can be used to represent all urban women who work in the United Kingdom. The Role of Market Research in the decision making process of an organization In order to reach and appeal to the target market, organizations utilize strategies that enhance the success of their activities in the market. For example, Arbitron conducted market research that indicates people who frequently attend movies say that commercials on television cannot be termed more acceptable than commercials aired before the start of the movie. 53% of people who frequent cinema halls find movie advertising more acceptable; only 46% contend that television advertising can be termed as acceptable. The research also indicated that 59% of people who attend movies remember the commercials they watched on the screens before the start of the movies (Wiley 2012, p. 4). The study also indicated that advertising using cinema can be regarded as the best way of connecting with the younger generation. Movie theaters’ adverts reach 124 million people or 45 percent of Americans from the age of 12 years. 67% percent of adults between the ages of 18 and 24 years frequent movie theaters in every 30 days. The collection of such data during market research plays an essential role in informing the decision making process of an organization (Wiley 2012, p. 4). In the decision making process of an organization, market research plays a number of roles. First, market research contributes significantly to the marketing system, especially in the marketing intelligence feedback process. It provides management with data regarding the effectiveness of the marketing mix that the organization relies on in the market. Based on this, an organization will be in a position to identify the necessary changes that ought to be made in the marketing mix. In addition, market research plays a crucial role when the organization wants to explore new opportunities available in the market. This is accomplished through new product research, which enables an organization to make decisions on how to structure the product to meet the demands of the customers. For example, an organization makes decisions on branding and packaging of the products (McDaniel & Gates 1998, p. 5). Another role of market research in decision making emanates from the crucial role that it plays in helping the management understand the needs of the customers. In the modern world, market research provides many organizations with the necessary knowledge on the customers' needs. As a result, the organization will be in a position to make decisions that will enhance the retention of customers and customer loyalty. Consequently, this will lead to job satisfaction and employee retention as employees becomes effective while serving loyal customers (McDaniel & Gates 1998, p. 7). Statistics in a study conducted by Bain and Company indicates that a reduction in the rate of customer defection can boost the profits by 25 percent up to 95 percent. Apart from assisting the organization to understand the ne ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Evaluate the Role of Market Research in the Decision Making Process of Essay”, n.d.)
Retrieved from https://studentshare.org/marketing/1456212-evaluate-the-role-of-market-research-in-the
(Evaluate the Role of Market Research in the Decision Making Process of Essay)
https://studentshare.org/marketing/1456212-evaluate-the-role-of-market-research-in-the.
“Evaluate the Role of Market Research in the Decision Making Process of Essay”, n.d. https://studentshare.org/marketing/1456212-evaluate-the-role-of-market-research-in-the.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Evaluate the Role of Market Research in the Decision Making Process of an Organisation

Decision-Making Process Paper

...to your work” (Clinic, 2012). I made an assessment of how many jobs were available in the marketplace and what were my chances of landing one of these jobs based on my credentials. In the end I decided to leave the job because I was not happy there. The decision I made to change jobs took some of the steps that the textbook recommends as a decision making model. The six steps of decision making are: 1 Identify and diagnose the problem 2.Generate alternative solutions 3. Evaluate alternatives 4. Making the choice 5. Implement the decision 6. Evaluate the decision My...
3 Pages(750 words)Essay

Ethical Decision Making Process

...ethical theory, in that it fulfills the need to achieve a successful outcome; it avoids all of the rules and regulatory restrictions that may deny someone control of the situation. He seems to, also, show high signs of motivist theory, as well. The motivist ethical theory are not based on any absolute values, they believe the intention of, or the reason that motivated, the act is what is paramount. ("Ethical theoretical systems," 2011) This ethical theory, also, leads to rationalizations of those decisions, which is a trademark of the character House. “Making good ethical decisions require sensitivity to ethical issues and practiced method for exploring the ethical aspects of a...
4 Pages(1000 words)Assignment

Consumer Decision Making Process

...other products that would warrant complex buying behaviour for this consumer. Components of the decision making process The management literature suggests that a customer goes through five distinct stages before making a purchase decision. Referring to Capon and Hulbert, these five stages are recognizing problems, acquiring information, evaluating alternatives, making a choice, and post-purchase processes (p.102). The purchase decision making process starts with recognizing problems. Under this phase, the consumer identifies his problem/need or...
8 Pages(2000 words)Assignment

Group Decision Making Process

...Group Decision Making Process The success of our group in resulted due to numerous factors that were considered when forming a group and working in it. When the circumstances shaped so that we had to form a group we didn't have time to develop lots of the phenomenon that unfortunately exist in many other groups, like groupthink and deindividuation. We just had a task to be completed in front of us, and it was all we cared for. We won't say that everything went perfectly, but, nevertheless, we got a very valuable experience in working in group and team decision making we would now like to share with you. As there weren't any defined hierarchical structure...
2 Pages(500 words)Essay

Financial Decision Making Process within the Organisation

...Financial Decision Making Process within the Organisation “Financial management is the process of planning decisions in order to maximise the owners’ wealth” (Shim & Siegel, 2000). Financial managers are responsible to manage the cash, acquire the funds, raise and allocate financial capital for their respective firms. However the above mentioned decisions must be arrived after considering the risk- return trade off. The importance of the financial management lies in the decisions taken and the outcome of the same. An appropriate financial management helps to obtain adequate funds for the firms at a...
9 Pages(2250 words)Essay

Decision-Making Process Paper

...ID Lecturer Decision-Making Process Paper My decision-making process depends greatly on what I want to achieve in essence. This is the reason why my decision-making is always well thought out. The decision-making process starts with the analysis of the different perspectives which have come to my reckoning. After this has been done, I find the reasoning for it so that my decision-making does not get affected by entirely alternate evidences which might be available at one point in time in the future. I want to be 100...
2 Pages(500 words)Essay

Ethical Decision Making Process

...Ethical Decision Making Process Hypothetical Jane Jones works for ABC Corporation, a U.S. based corporation and her work involves travelling internationally. In one of the travels, Jane experiences difficulties clearing with the customs. While she has all the documents, the inefficiencies and corruption within the customs means she will wait for another couple of hours and miss a scheduled company meeting. The main problem highlighted in the hypothetical case relates to ethical dilemma and conflict of interests as they relate to decision-making. There are various courses of action that Jane could take. On one hand, she could choose to pay the customs...
1 Pages(250 words)Essay

Evaluate the Decision Making Process

...for the firm and being ethical, the manager may not cause a change for them. At the third option, there is a possibly of giving training to the employees so that they may learn to use these technological information systems. Now the managers will evaluate these three options in terms of their resources and the ethical concerns. Being ethical, the firm manager may decide to plan a training program for the employees. After completion of training, the manager may have to recheck the graph of the performance of the employees that either the training is effective or not. Effectiveness of the Decision Making Process: It is evident from different research...
5 Pages(1250 words)Assignment

Decision Making Process Paper

...Management Decision-Making Process Decision-making is the act that involves choosing two or more s of action. It is crucial to note that it is not all the time that a person will be in a position to make the correct decisions based on the choices available for choosing. At times, people make decisions without considering the better choice or gathering enough information (Bateman & Snell, 2007). Therefore, a person has to make sure that there is a record of important decisions to make, or identify the right decision. The...
1 Pages(250 words)Essay

Consumer Decision Making Process

... C A A A 1. Different decision making stages that the interviewee went through before his purchase. References Reynolds, T., & Gutman, J. (1988). Laddering Theory, method, analysis and interprettation. Journal of Advertising Research, 28, 11-31. Shane, J. (2014, March 18th). The six stages of consumer buying Process and how to market to them. Retrieved December 8th , 2015, from Consumer Marketing: http://www.business2community.com/consumer-marketing/six-stages-consumer-buying-process-market-0811565... was still comfortable even buying a friend same brand if he had to. It was quite evident that the brand name played a role in influencing his purchasing decision. However, this was quite...
4 Pages(1000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Evaluate the Role of Market Research in the Decision Making Process of an Organisation for FREE!

Contact Us