MARKET RESEARCH WITHIN THE BUSINESS CONTEXT OF MARKETING Essay

MARKET RESEARCH WITHIN THE BUSINESS CONTEXT OF MARKETING - Essay Example It may also prevent further mishap or casualties that it may encounter later on. A solid comprehension of how the facts can help in managing business must be the foundation for administering market researches (Wrenn, Stevens, and Loudon 25). The aim of this paper is to analyze the importance of market researches in business settings. Market Research According to American Marketing Association, a market research is an event that connects consumer, customer, and public to the buyer and seller of different goods and services by way of exchanging information (qtd. in Kolb 7). This information is utilized to distinguish strength and weakness, create, enhance and assess marketing administration supervise performance, and enrich the realization of marketing as a procedure (qtd. in Kolb 7). All the participating parties in trading are found in the market. The buyers and sellers bargain with each other; consumers and customers meet and interact, and investor and borrower negotiate. These cons tant interactions among the participants generate and transfer information. Now, when these sets of information are circulated, it can be used by the receiving party. A stockbroker who recently learned that the prices of stocks are low may choose to disregard and pass an investment option. Thus, by skipping an investment opportunity, the stock broker engaged in market research and has successfully used it to its own advantage. Role of Market Research Since the main purpose of market research is to help in the decision making, it is divided into four measures. First is to identify the presence of a threat or opportunity. Second is to analyze the problem or opportunity, then third is to classify option, and fourth is to choose a solution (Wrenn, Stevens, and Loudon 3). Determining a problem or opportunity must be the first step in the decision making because it is the basis of having a solution. Observation and recognition must be necessary to point out any possible trouble or positiv e prospect that may arise. The analysis of the trouble and opportunity comes next to determining problem. While it is necessary to pinpoint troubles, if there is any, a better judgment must be made in categorizing the choices. There are some cases that a small inconvenience inside an agency may become an opportunity for the whole. This is followed by the evaluation of option. After recognizing and interpreting the problem, it is best to evaluate the options. Application of the information gathered for the possible solutions must be thoroughly enforced. This precedes the final step as selecting the right solution. In choosing the accurate solution, the goal of the market research here is fulfilled as decision making is made in this move. Precisely, a market research pertains to the steps and processes used in planning and gathering of information, and in examining and proposing of data utilized for forming marketing decisions (Stevens et al. 2). Different kinds of techniques are used in market researches depending on the objectives and purpose of the research. These sets of techniques are often confused with the decision making. The marketing research should be centered on the making of decisions and not on the sets of techniques involved in obtaining information to implement decision making (Stevens et al. 2). By doing so, it evades undesirable situations of unsuccessfully gathering of data