Market Research Master Essay

Masters
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Business
Pages 10 (2510 words)
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Marketing research is touted as the key to better decision-making, the mark of sophisticated professional marketers. The popular belief is that the more money spent for marketing research, the less chance for a bad decision (Hartley, 2004)." Discuss.
Business managers and management professionals worldwide today understand and appreciate the significance of strategic marketing decision-making towards ensuring profitability and success…

Introduction


There is a growing consensus among management professionals on the role and significance of research in marketing decision-making. While there is a popular belief that more money spent on marketing research may reduce the chance of a bad decision, business owners and marketers are often esoteric, [Chiba, 2005] and even critical of marketing research, considered costly in terms of money and time and lacking accountability and precision, being only a recommended action. [Chee and Harris, 1998; p. 193] The paper attempts to understand and establish the significance of marketing research in decision-making and for business success. As a prelude to the topic, it may be imperative to define and understand the scope of marketing research.
"the systematic collection and objective recording, classification, analysis and presentation of data concerning the behaviour, needs, attitudes, opinions, motivations etc., of individuals and organization ...
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There is a growing consensus among management professionals on the role and significance of research in marketing decision-making. While there is a popular belief that more money spent on marketing research may reduce the chance of a bad decision, business owners and marketers are often esoteric, [Chiba, 2005] and even critical of marketing research, considered costly in terms of money and time…