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 ...Show more