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International Business and Trade - Essay Example

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International Business and Trade

Marketing research can only fortify the decision maker; it cannot provide complete and sure answers to marketing problems. Marketing research uncovers and tests hypotheses concerning various marketing relationships; classifies marketing facts systematically. it applies scientific methods to problem solving, including the use of formalistic statistical and mathematical model (Perreault 2003).
Disney is one of the most popular entertainment companies in the world. Marketing research allows the company to identify its current position and determine demands and expectations of its customers. Using marketing research, Disney can supply past data about products purchased, market concentration, advertisements read, distribution costs, and consumer attitudes and opinions (Kotler and Armstrong 2006). It cannot eliminate uncertainty, but can narrow its range. Through the information it generates, key issues and alternatives can be defined and guides can be established for evaluating available choices. Success in marketing decisions, therefore, depends not only on marketing-research information and projections but also on the creative ability of the decision maker.
Disney should use advertising research and brand equity research, demand estimation and buyer decision research. As a basis of gaining intelligence, marketing research can be wasteful as well as useful. Besides limiting risk, marketing research is itself a genuine business risk, but one that must be undertaken. To have the best chance of success, it must be conducted by people who have a solid understanding of company needs as well as the needs of customers. It requires effective communication between top management and the research staff, and a management willing to overcome biases and predispositions in order to institute programs based on research findings (Hollensen, 2007). The utilization of computer technology, coupled with better research techniques, has greatly increased the facts available. But large masses of data can also prove to be disruptive. Managers can be inundated with facts. Marketing management is thus challenged to develop an integrated marketing information system to provide the intelligence and knowledge required for both short-term marketing goals and longer-range company needs, in order to eliminate unnecessary data.
In addition to marketing research in any company, related manufacturers, retailers, wholesalers, marketing research agencies, advertising agencies, trade associations, governmental agencies, universities, financial in- stitutions (including banks), and chambers of commerce all provide useful research data and information for solving marketing problems. For instance, research agencies buy the data from supermarket chains and in turn sell data on the movement of food items through chain stores and their warehouess. In addition, marketing intelligence (as an integral tool of planning, control, and evaluation) has implications for areas other than marketing (such as capital budgeting, purchasing, personnel or manpower, and finance). The use of research tools and techniques flows from the desire of marketing executives to obtain more adequate intelligence regarding the relevancy of objectives, determining alternative strategies, making decisions, and measuring and controlling results. This generation of quantitative intelligence leads to more ...Show more

Summary

Marketing research helps companies to determine their long-term strategies and goals. Since decision makers are often far removed from markets with their many dimensions, marketing intelligence must be provided on a regular basis. Marketing research is the major research arm that enables the performance of this function…
Author : marcel13
International Business and Trade Essay essay example
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