Role of Research in Marketing

Role of Research in Marketing

There are numerous terms to explain marketing research. According to Wikipedia online, marketing is an activity, a set of institutions, and a process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The term "marketing" has changed and evolved over time. Marketing provides continual benefits to the customer and these benefits will provide a transactional exchange. Marketing research is a systematic inquiry that provides information to guide marketing decisions (Cooper & Schindler, 2006).

Marketing involves knowing and recognizing the needs of customers and meeting those needs in the most feasible manner. Marketing satisfies consumer needs and wants. The goal of any business is to deliver customer value at a profit (Kolter & Keller, 2009), which helps an organization in the components of marketing. The research assists an organization to attain a superior appreciation of the consumer, competition, and marketing atmosphere along with the marketing mix. Marketing research assists an organization to make decisions about the mechanisms of the marketing mix, such as product, distribution, promotion, and pricing. The key function of the research is to assist marketing by initiation methodical collection and analyzing of the information. Organizations today face many issues, such as short and long-term problems, routine, and non-routine problems. The problems are about product, market, consumer, advertising, promotion, distribution, price, competition, and sales methods.

Marketing strategy supplies the design for succeeding in the marketing objectives of the organization. It determines the success of business that in turn influences the organization's success. The connection between the marketing strategy and the organization's success is direct and of the greatest importance. The marketing objective influences purpose and direction for the strategy. To formulate a marketing strategy the organization must identify the target market and gather the marketing mix.

Marketing strategy is determined, chosen, defined, and conveyed prior to market selection. The organization will be attracted to the segments that deliver instantaneous profit. Marketing mix involves making the best of the four P's, product, place, price, and promotion. This method provides the organization with the best sales and generates the best profit. It is a tedious process trying to unveil what customers want and identifying where they do their shopping. Marketing provides the knowledge to produce the item at a price that represents value to the customers. Getting just one element wrong can spell disaster for the organization. If a company promotes a car with astonishing fuel-economy in a country where fuel is low in price, or a publishing of a textbook when school has already commenced, or selling an item at a cheaper price or too high to attract the people you are targeting. The marketing mix is