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Tuesday, 11 September 2018

Significance of Marketing Research

Marketing research is a function that links the marketer to the consumer and the public through information. It is used to identify and defined marketing opportunities and problems, to generate, refine, and evaluate marketing actions, to monitor marketing performance and to improve understanding of the marketing process. (Kotler and Armstrong 1999).

   Marketing research furnishes the information which enables an organisation to give value and satisfaction to customer. In order to produce superior value and satisfaction for customers, companies need information at almost every turn. Good products and marketing programs begin with a thorough understanding of consumers needs and wants. Companies also need an abundance of information on competitors, resellers, and other actors and forces in the marketplace. Increasingly, marketers are viewing information not just as an input for making better decisions but also as an important asset and marketing tool. (Glazer : 1991).

Marketing research helps an organisation keep abreast with its changing environment. It is essential that organisations which strive to satisfy customers needs and wants must keep abreast of changing marketing environment. Dynamic nature of the market in a visibly means that information collected several years ago or opinions formed on the basis of the past experiences will no longer be valid or tenable today. Marketing research is essentially a tool producing management decision risk and tours enhancing long-term profitability. Research does this in many ways. It can be useful in almost any kind of marketing decision provided there is some uncertainty and a sufficiently high risk to justify obtaining information to reduce or eliminate that risk. One of the fundamentals, which must be grasped, is that the more marketing managers know about consumers or the market in which they are operating the better they would be able to prepare an appropriate marketing program. Simply put, the better the marketing information, the better the marketing decision.

     The objective of marketing research is to collect and analyse data concerning the interface between the firm and its market, thereby enabling the marketing decision maker to maximize the effectiveness of decision relating to product, price, promotion and distribution. Thus, the single most important reason for undertaking marketing research is to improve the quality of managerial decision making. Marketing research on often has important implications for other parts of the firm than marketing department. For example, research on the changing level of consumer demand may help production management forecast factory factory personnel needs for meeting the new level of demand.

     The most direct impact of marketing research is, of council, felt by marketing management. Marketing research is undertaken to guide managers in their analysis, planning, implementation, and control of programs to satisfy customers and organisational goals.

     Even though it is absolutely essential that marketing research be used buy every organisation, this has not been the case in Nigeria. What is lacking in most organisations in nigeria today is the use of marketing principles and marketing research to direct their effort or programs. This is why we are very backward in our marketing strategies. The hue and cry of every nigerian is that the locally made products are of inferior quality compared to imported products. Most organisations in nigeria are not marketing oriented and do not use marketing research to direct their operations. In this situation, they are not in touch with their target customers and do not bother to identify or address their needs and wants. As a result, they scarcely know when the needs and wants of their customers are changing.

     The use or application of marketing research by organisations in Nigeria will help to bridge the existing gap and their shortcomings and failure to give the required satisfaction and benefits to customers. Marketing research should be utilised continuously by organisations to monitor their target markets customer and to help them apply the best marketing mix aimed at delivery high level satisfaction.

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