Defining Marketing Research/Why marketing is Important

Businesses use marketing research to
Identify marketing opportunities
Solve marketing problems
implement marketing plans
monitor marketing performance
Main purpose of marketing research
obtain information
Marketing core function is
marketing information
Marketing research important
information obtained from research helps business increase sales and profit
Value of information determined by
willingness to act on information
accuracy of information
amount of variation in possible results
level or risk consumer will take on new product
reactions of competitors
Who uses marketing research
small business do own- cant afford outside firm
Large companies have more money