The Importance of Market Research

The Importance Of Market Research

Marketing is the social and the administrative process to exchange goods and services and is the art to satisfied consumers needs. The market's principal objective is to please the exchange between a company that its goal is to be profitable and the consumer who expect to be please with the product or service. Some times the exchange is not equal, and it could happen that one of the parties be unsatisfied, when this happen; the marketing research team will start the process of feedback, will collect relevant data for the decision makers to evaluate current marketing mix. The marketing research team will do all the necessary changes to make it work.

It is important to understand that the Marketing research team is always evaluating the market, even if the product is successful because through this research the company may add new products for a different market or might want to amplified the market for the existent product or service. Market research is the objective of all investigations to obtain important data about a market, the competitors;which will be taking as a guide for the team research to make important and efficient decisions; critical thinking. According to the American Marketing Association, Marketing Research is define as: "The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area."

There are two types of research studies: the Applied and the Basic. The basic study is to help discover new things, to experiment, and to be more knowledgeable. This study it is use by Universities and great researchers. Applied study is focus in an specific problem so researchers can determine the reason of the problem for them to understand why the strategy failed. There are three applied research types: Programmatic, Selective, and Evaluative. The Marketing Research (McDaniel & Gates) book defines these three as follows:

" Programmatic research is conducted to develop marketing options through market segmentation, market opportunity analysis, or consumer attitude and product usage studies. Selective research is used to test decision alternatives. Some examples are testing concepts for new products, advertising copy testing, and test marketing. Evaluative research is done to assess program performance; it includes tracking advertising recall, doing organizational image studies, and examining customer attitudes on a firm's quality of service.The basic study is to help discover new things, to experiment, to be more knowledgeable, this study it is used by Universities and great researchers."