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The Role of Marketing Research in Business
Marketers operate in a dynamic and highly competitive environment. That means, for organisations to be successful, they have to proactively and consistently address market needs better than competitors and most importantly exactly as envisaged by consumers/buyers. Marketing research’s role in all this is to ensure that a formidable marketing information systems are well-fed with relevant, accurate and reliable information to help marketers make better decisions.
Watch this video on the importance of marketing research and also read the article thereunder for a better understanding of what marketing research is and its importance to the business.
Article by Simona (n.d.) titled: THE ROLE AND IMPORTANCE OF MARKETING RESEARCH IN RETAIL. To access it, click on the title.
After watching and reading the article, please share your own understanding of the role and importance of marketing research with your class members using the comment box.
I believe there is a difference between the two. Although they both help the management determine the future direction of the business but, one of the main goals of environmental scanning is to identify and consult the sources outside the organization. However, marketing research identify the problem arearsin the organization, understanding the needs of existing customers and why they chose you over competitors. marketing research cam be inavaluable in improving the quality of decision making whilist with environmental scanning its where you looking at the SWOT analysis .
In answering the question, is there a difference between marketing research and environmental scanning. i think that there is no mush difference between the 2 beside the notion that marketing research looks at the wider and deeper aspects of the business and its environment whereas environmental scanning is narrowly focused(it solely looks at the environment where the business operates).Furthermore, they both revolve around gathering,analyzing and reporting of data to solve any arising marketing problems and make decisions.
marketing research is a life blood of marketing. it is marketing management orientation, marketing concept which implies that marketing starts with consumer and ends with consumer. marketing research focuses on the market environment while Environmental scanning goes beyond the market but to internal and external environments.
Marketing research, through gathering,analyzing and interpreting information about a market, product or service to be offered for sale this helps companies to discover who their target market and helps to know what consumers think about a product or service before it becomes available to the public all this is achieved through marketing research.Marketing is very important as it is a form of applied sociology that concentrates on understanding the preferences, attitudes and behaviors of consumers in a market-based economy and it aims to understand the effects and comparative success of marketing campaigns.
Environmental scanning is the process of gathering information about events and their relationships within an organization's internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization.Since marketing research is a process of gather the information about the market,analyse that information and interpret it, i think there is no much different between these two.
Marketing research is the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.
From the responses on the difference(s) between environmental scanning and marketing research, I am.convinced that we still struggling to make a distinction, let's do more research on these concepts.
To answer Ntuli's question, I think steps are not cast on stone. Meaning you can use any marketing research steps you know. The crucial part is that those steps should not change the meaning. They should be followed in a marketing research context, other wise if they are not don't use them.
This video does a good synopsis, thank you sir.
After watching the video, it came to my attention that there is six step approach to marketing research. Now the question is, is it compulsory for us to follow these six steps or we can use any of the marketing research steps we know of?
Marketing Research clear countless queries and gives first hand approach to move forward with the business, it gathers voluminous market information that will help them analyse their internal and external business environment which gives them better insight on their target market.