Wednesday, January 16, 2013

Where would business be today without Marketing Research?

Where would business be today without this practice? Since being introduced by Arthur Nielsen with the founding of the ACNielsen Company in 1923, Marketing Research has been a pivotal way in understanding marketing problems and opportunities, monitoring growth, creating new ways to target select groups of consumers, and help to understand what a business really has to offer. Marketing Research gathers data in which companies use to address issues such as above. More so than small, big businesses are notorious for implementing Marketing Research in many different and diverse ways.

For the most part, all the different techniques and causes of Marketing Research funnel into one main goal. That is to determine how the changes of Marketing affect general consumer behavior. Does a certain commercial make buyers want to run to the store and purchase goods, or does it annoy them and kill business? Whatever the outcome, it is extremely important for large businesses to asses what brings in customers, and what drives them away. 

Marketing research is such a key element to successful business that many professionals make a career out of it. A Marketing Manager's job is to make well planned and strategic decisions that will ultimately lead to satisfying consumer needs. Marketing Manager's generally have their hands full as they need to be decisive on potential growth opportunities, creating and carrying out marketing programs, and the need of monitoring marketing performance and overall control. 

In many ways, Market research follows the principles set forth by science and math. Implementing well structured programs requires precision timing, high levels of dedication, and most importantly time spent planning in advance. It uses the practice of hypothesizing, data collection, and large amounts of mathematical calculation. Marketing research fights with controlled variables such as product pricing and product quantities, and battles with uncontrollable variables such as economic state and legal rulings. Regardless of what Marketing research can and can't control, it's a crucial practice and a big reason why many large companies are where they're at today.
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1 comment:

  1. Thank for sharing the information with us.Its really a very good information that you have shared.
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