Marketing research Essay Example | Topics and Well Written Essays - 2750 words

Marketing research - Essay Example the marketing feedback progression, marketing research offers decision makers with information on the usefulness of the existing marketing strategies and provide comprehension of the required modifications. Second, marketing research is the most important instrument for discovering new opportunities in the marketplace. Research plays a significant role in the development of marketing strategies for all kinds of organizations. Similarly, marketing research is essential for recognizing the target market for a product or service along with the effectiveness of pricing strategy, promotional activities and distribution of the products and services. Thus, marketers should consider marketing research an essential tool for effective marketing. Businesses, in the cotemporary world, are very different from those of the past. Business today is far more aggressive in their search of success. With the development of the Internet, competitiveness has gone global. A business that wants to continue to be competitive and be successful will need to understand the products and services that their target market needs and desires. This kind of information can only be obtained from marketing research. Not only will they need to understand what products and services should be introduced in the market, but also the success of their existing products and services. Information regarding what the company is doing right and what it could use to make their products and services better is fundamental to a business’ success. Therefore, it is only with the accurate information that companies can develop their marketing strategies or adjust the existing ones (Pride & Ferrell 2007). Philip Kotler (2006) defined marketing as â€Å"a social and managerial process by which individuals and groups obtain what they need and want through developing, providing, and exchanging products and services of value with others. It is the process of planning and performing, pricing, promotion, and delivery of