ADVANCED MARKETING RESEARCH : INTRODUCTION (TRANSPARENCY # 1)
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INTRODUCTION CHAPTER
Scientific and appropriate definition : A formalized means of obtaining information to be used in making Marketing decisions.
“ Formalized ” means SCIENTIFIC (method)
“ Scientific ” means VALIDITY & RELIABILITY.
> Validity : if it has measured what it claims to measure.
> Reliability : relates to methodology i.e. the method followed by one researcher will yield the same results if followed by others.
Modern Definition of Marketing Research : (again given by AMA)
• identify, and define > marketing opportunities and problems;
• generate, refine, and evaluate > marketing actions;
• monitor > marketing performances; and
• improve > understanding of marketing.
In this definition , the functions of Marketing research have been clearly mentioned.
However, if we analyze the definitions of Marketing research, we can probably understand that there is only ONE and PRIMARY function of MR. This is :
- To Improve Marketing Management Decision Making
Apart from the prime function of Marketing research, there are TWO subsidiary functions.
These are :
- to do activities in cost-effective way
- with high professional standard and honesty.
These TWO functions are so important that they are called as “ MISSION ” of MR.
MARKETING RESEARCH AND DECISION MAKING PROCESS :
Decision Making
means >>>>>>>> Recognizing Problem / Opportunity>
>>>>Reacting to Problem / Opportunity