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…
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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
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