StudentShare solutions
Triangle menu


Nobody downloaded yet

Extract of sample

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. Thus, by skipping an investment opportunity, the stock broker engaged in market research and has successfully used it to its own advantage. Role of Market Research Since the main purpose of market research is to help in the decision making, it is divided into four measures. First is to identify the presence of a threat or opportunity. Second is to analyze the problem or opportunity, then third is to classify option, and fourth is to choose a solution (Wrenn, Stevens, and Loudon 3). Determining a problem or opportunity must be the first step in the decision making because it is the basis of having a solution. Observation and recognition must be necessary to point out any possible trouble or positive prospect that may arise. The analysis of the trouble and opportunity comes next to determining problem. While it is necessary to pinpoint troubles, if there is any, a better judgment must be made in categorizing the choices. There are some cases that a small inconvenience inside an agency may become an opportunity for the whole. This is followed by the evaluation of option. After recognizing and interpreting the problem, it is best to evaluate the options. Application of the information gathered for the possible solutions must be thoroughly enforced. This precedes the final step as selecting the right solution. In choosing the accurate solution, the goal of the market research here is fulfilled as decision making is made in this move. Precisely, a market research pertains to the steps and processes used in planning and gathering of information, and in examining and proposing of data utilized for forming marketing decisions (Stevens et al. 2). Different kinds of techniques are used in market researches depending on the objectives and purpose of the research. These sets of techniques are often confused with the decision making. The marketing research should be centered on the making of decisions and not on the sets of techniques involved in obtaining information to implement decision making (Stevens et al. 2). By doing so, it evades undesirable situations of unsuccessfully gathering of data ...Show more


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…
Author : hvon
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Business to Business Marketing
ethod which is performed in between two businesses. Therefore, business-to-business marketing is a procedure between the different business houses such as the manufacturers, wholesalers and retailers. Triangle Creative Ltd is an advertising agency which was founded by David Thorpe and Angela Brown in the year 1998.
12 pages (3000 words) Essay
International business context
Notably, in most cases business mergers involve former competitors with an aim of combining market shares to enable them control market forces and offer quality products to the customers and majority shareholders to approve a merger. Nevertheless, specific monopoly laws pose a legal challenge for two dominant market players to merge.
16 pages (4000 words) Essay
International market research
Marketing research in the time and age of today has attained a great deal of significance mainly due to the fact that it finds out the important details and extracts the much required information regarding audiences, target profiles, segments and their respective behaviors when the products and/or services reach out to them.
10 pages (2500 words) Essay
Marketing Research
Marketing research forms the essential basis of marketing strategy. This is because marketing research encompasses the exact details under which marketing of a product or service is ensured. This research comes about with a great amount of hard work and commitment within the related ranks.
8 pages (2000 words) Essay
An individual research based report on the rold of business and conceptual modelling within the context of information systems d
These parameters can be static as well as dynamic. The purpose is to make an enterprise model that serves various tasks of information systems quite efficiently. The modeling is not that ambiguous either and involves common human knowledge about information systems and general business modeling.
7 pages (1750 words) Essay
Market Research Master Essay
And, in the age of the information revolution, the quality of strategic decision-making is greatly influenced by the quality of information available for analysis and appropriate decision-making. The need for quality information, needless to say, suggests the significance of marketing research in strategic marketing decision-making and in ensuring business success, particularly so in the present business environments characterised by the pressures of global competition and fast paced changes in information and communication technologies as well as constantly evolving marketplaces and consumer choices.
10 pages (2500 words) Essay
Marketing Research
Often they do not judge the merits and demerits of a particular product, endorsed by celebrities. Celebrities recording their
4 pages (1000 words) Essay
Marketing Research
“Marketing research”, according to, “is a systematic collection and analysis of data relating to sale and distribution of
8 pages (2000 words) Essay
Market research to the success of a new business
ket research provides direction to a new business venture from two major dimensions: one being the management of the business and the other being the marketing of the business. Smart business management and marketing decisions are absolute necessities for the profitability and
6 pages (1500 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment