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MARKET RESEARCH WITHIN THE BUSINESS CONTEXT OF MARKETING - Essay Example
Pages 3 (753 words)
Importance of Market Research in Business Settings Introduction Research on business venture is very essential in Marketing. It hugely affects any decision to start or decline a business opportunity. Necessary information is needed in marketing research, and determining the right market for the right customer must be properly defined…
It may also prevent further mishap or casualties that it may encounter later on. A solid comprehension of how the facts can help in managing business must be the foundation for administering market researches (Wrenn, Stevens, and Loudon 25). The aim of this paper is to analyze the importance of market researches in business settings. Market Research According to American Marketing Association, a market research is an event that connects consumer, customer, and public to the buyer and seller of different goods and services by way of exchanging information (qtd. in Kolb 7). This information is utilized to distinguish strength and weakness, create, enhance and assess marketing administration supervise performance, and enrich the realization of marketing as a procedure (qtd. in Kolb 7). All the participating parties in trading are found in the market. The buyers and sellers bargain with each other; consumers and customers meet and interact, and investor and borrower negotiate. These constant interactions among the participants generate and transfer information. Now, when these sets of information are circulated, it can be used by the receiving party. A stockbroker who recently learned that the prices of stocks are low may choose to disregard and pass an investment option. ...
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