Marketing Research 200 Paper Example | Topics and Well Written Essays - 2250 words

Marketing 200 - Research Paper Example Discuss the following statement: â€Å"Quantitative research is more important than qualitative research because it results in statistical information and conclusive findings.† Use references to support your opinions. (Recommended approx. 1000 –1200 words) 100 marks Total Marks (200 marks) 1. In what ways can marketing research influence the development and implementation of marketing strategy? Does that mean that organizations that conduct market research will perform better than organisations that does not? Please provide adequate references and examples for each of the points in your discussion. Marketing plays a vital role in the development of an organisation. It is a necessary part of every business and no business can sustain in the market without proper marketing strategies and techniques. When we look deep into the oceans of marketing, we observe many things that are pre-requisites and are required necessarily to perform proper marketing. Market Research is one of them. What is Marketing Research? Marketing research is basically a simple function, which interlinks consumers, public and customers to the marketer through the flow of information. It helps to get the idea of what a layman thinks about the product and in which manner a marketer should market the products. Marketing research specifies the information required to solve an issue, manages and implements the data collection process, analyses results, and communicates the findings and their implications. (Journal of Marketing Research 2011) It is basically about understanding consumer behaviour, like how a particular person quenches his thirst while he is at work. It helps you to get an idea of the consumers’ mentality. It also helps in ascertaining the current position of the company in the eyes of a consumer. A company can never improve its products unless it is aware of its current product standings. Therefore, market research creates an opportunity by conducting in-depth research and helps organizations to progress on regular basis. Moreover, a thorough marketing research can also help in getting answers of the following questions, by remaining unbiased. Who will buy your product? Will the consumers of your product recommend your product to others? What do customers expect from you? Are you meeting their standards? Are you competitors better or do you have the best standing amongst the customers? There are many similar questions that need to be answered in order to improve the performances of businesses among competitors (Alberta 2003). In addition, market research is the best way to get first hand information of customers. By conducting these researches, not only you are getting relevant information but also showing your customers that how much you care about them. It is also an admitted fact that these marketing researches helps strengthen customer relationships (American Marketing Research 2011). In addition, no one can deny the fact that a fine line separates the success or failure in business and marketing research is correlated to the success or failure of an organization. Influence of marketing research in the Development and Implementation of Marketing Strategy: Considering the conventional definition and concept of marketing research, (what is the conventional definition of MR? mention it) (Mentioned Under the heading of What is Marketing Research, with reference to the JMR) one can easily deduce that marketing research certainly influence the development and implementation of a marketing