Question

5. The primary role of Marketing Research should be to

Make decisions for management

To confuse the competition

Confirm the correctness of past decisions

Learn more about your customers

Reduce the risk in managerial decision making

Answer 1

Meaning of Marketing Research: Marketing Research is a process of the collection,evaluation,gathering the information about the products and services and market those products on the basis of research.In other words it can say that Marketing Research helps in providing the relevant data and information about the products and services which helps in marketing those products and services in the market. And it also helps to understand the need of the customer behaviour and customer needs.

Importance of Marketing Research:

• Marketing Research plays a very important role to understand the market and customer needs.
• It also helps the management in taking the marketing decisions.
• It also helps the business owners to sell their products and services in the market.
• It also helps in increasing the competition and to understand the competitive strategies in the market.
• It also helps to advertise the products easily in the market as per the customer needs and customer behaviour.
• It helps to focus and pay attention to the customers and products.
• It helps the manufacturers to produce the products according to the market.
• It also helps the business owners to target the customer areas.

So the Marketing Research is very important for the business owners as well as the company to market their products and services and also to create goodwill in the market by fulfilling their customer needs.

Types of Marketing Research: There are various methods by which the company can do marketing research like - Market Surveys,Interviews,Feedback form from the customers,Customer observation etc. All these types helps the business owners or market researchers to understand the market or customer needs.

Summary: Marketing Research is a process of gathering,evaluation the data and information about the products and services which needs to get advertise in the market according to the customer behaviour or market needs. And marketing research can be done by various methods like - surveys,customer focus,interviews etc.And the marketing research has a lot of importance from the point of business owners and the company. Because everyone wants to sell their products and services very easily in the market so it is can be done through marketing research process. Hence,marketing research is very important for marketing the products and services in the market as it leads automatically increases in the sales and revenues for the company.