Importance of Research in Marketing

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GRIN Verlag, Oct 19, 2011 - Business & Economics - 9 pages
Essay aus dem Jahr 2011 im Fachbereich BWL - Marketing, Unternehmenskommunikation, CRM, Marktforschung, Social Media, Atlantic International University, Sprache: Deutsch, Abstract: Marketing research should be an ongoing concern within business as it is an effective way to track the progress of the firm and is a golden way to bring in-house so that managers may most economically stay on top of the customer base by paying attention to customer’s voice. Marketing research represents a formal analysis of quantitative and qualitative demand, access and recognition of class of products or services, providing an external perspective of the business and industry. But, marketing research is to be appreciated as part of social science whereby the “cateris paribus” has its place due to complexity of marketing phenomena. On the other hand, research is crucial because it drives innovation and innovation is one way how the enterprise can gain leadership and much bargaining power. Thus, companies need to gather information concerning scientific research on products, markets and technology and this information can be generated either internally by Research and Development or by following research done elsewhere in the areas concerning the firm’s business.

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