Effective Marketing Business Plan

In the Marketing Research Managers need information to introduce products and services that create value in the customer's mind. However, the perception of value is subjective, and what customers value this year may be very different from what they value next year. Therefore, the attributes that create value not only be deduced from common knowledge. By contrast, the data must be collected and analyzed. The objective of marketing research is to provide data and guidance that managers need to make their most important marketing decisions.

To maximize the benefits of marketing research, those who use it must understand the research process and its limitations.

Marketing Research and Market Studies

These terms are used interchangeably, but technically there is a difference. Marketing research deals specifically with the collection of information on market size and trends. Market research covers a wide range of activities. Although you may have marketing research, market research is a systematic process that can be applied generally to a variety of marketing problems.

The value of marketing research information

The information can be useful, but what determines its real value to the organization? In general, the value of information is determined by:

• The ability and willingness to act on information.
• The accuracy of the information.
• The level of indecision that could exist without the information.
• The amount of variation in the results.
• The level of risk aversion.
• The reaction of competitors to the decisions that information better.
• The cost of information in terms of time and money.

The organization must determine based on these criteria if the effective marketing research was based on their purposes in the product market position or increase sales. should consider all the data for future research taking other risks.