The most important function of management in an organization is to minimize the risk and uncertainty through systematic decision - making. Marketing as a functional area of management is becoming increasingly important as compared to other fields.
Management information systems have emerged as a fifth critical input to four M's of management. Marketing information systems have attained a greater significant in modern business organizations as a function of marketing.
MR is also a system having activities such as collecting recording, tabulating, analyzing, and interpreting the data. Each of these activities is performed by some specialist. Marketing research functions as a system of authority in an organization.
Marketing management functions planning, implementation, and control, relating to marketing mix are also performed in an effectively only when information on marketing mix elements and environmental forces are made available to marketing executives operating at various levels of management.
MR is performed by a group or team of executives carrying out different functional activities. An integrated effort is needed from all the MR executives who are doing different jobs.
Management in general is regarded as an art by most of the exports, which is evident from its definition.
Although in India MR as a profession has not got that good recognition as other professions like medicine, engineering, law, etc. Yet, attempt by various agencies are on to attain a stage of widespread recognition for MR as a profession.
Market research involves analysis of market potentials for existing products and estimating demand for new products, sales forecasting, characteristics of product markets, analysis of sales potentials.
Marketing studies conducted to know past trends, present performance, and future plans in connection with the promotional policies of the company.
Location and design of distribution centers, design of distribution channels, handing and packing of merchandise, location of warehouses, cost analysis of various distribution mix elements like warehousing, transportation methods, dealers supply and storage requirements and functions assigned to be performed by the middlemen.
Pricing research includes research on demand elasticizes, perceived prices, discounts, allowances, pricing strategies, new product pricing, cost analysis, margin analysis, etc.
The business organization cannot survive and flourish in an unhealthy society. The company might be interested to see whether the consumers are unintentionally harmed by the company by adding to the pollution of the environment.
IMPORTANCE OF MARKETING RESEARCH:
1) Accurate information flow from the internal and external environments of firms to facilitate the process of decision - making.
2) It helps for sales promotion.
3) Satisfy the consumer needs.
4) Timely information.
5) It helps to attract overall markets.
ROLE OF MARKETING RESEARCH:
1) It helps to test new products ideas and new package designs.
2) It used for forecasting their products.
3) It also provides consumer services.
4) It helps the farmers to get better revenue
5) It helps to predict the consumer's wants and needs.
MAIN FINDINGS:
1) Ninety one percent of the organizations felt that MR is very useful to them
2) Fifteen percent said that intention is more important than MR.
3) Forty two percent said that MR takes longer to be of real use.
4) Sixty five percent said that MR does not cost more than it is worth.
5) Fifty seven percent agreed that MR in India is not of expected quality.
FINAL THOUGHTS:
In a nutshell, the study reveals that executives are aware of the importance of MR and are also using it to a greater extent. Hopefully, many such research assignments of MR would be undertaken by researchers in the near future.
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