Research Methodology in Functional Areas

1504 WordsAug 23, 20107 Pages
RESEARCH METHODOLOGY RELEVANCE OF RESEARCH IN DECISION MAKING IN VARIOUS FUNCTIONAL AREAS OF BUSINESS SUBMITTED BY: DEEPTI(0918111) KRITHIKA (0918119) NAMRATA (0918124) NITA (0918129) NIDHI(091812) SHYAMALA (0918154) RELEVANCE OF RESEACH IN BUSINESS While many business ideas blossom into successful businesses, there are many others that did not move beyond the business plan or offering memorandum. And among those that get funded and started, many fail eventually. While there can be many reasons for business failures, often these were due to flaws in the business concept or the business model that rendered them vulnerable to the difficulties encountered. Recognizing the relevance of research in…show more content…
The Internet represents the present and the future of marketing research. MARKETING RESEARCH AND DECISION MAKING Marketing research plays two key roles in the marketing system. First, as part of the marketing intelligence feedback process, marketing research provides decision makers with data on the effectiveness of the current marketing mix and offers insights into necessary changes. Second, marketing research is the primary tool for exploring new opportunities in the marketplace. Segmentation research and new product research help identify the most lucrative opportunities for a firm. Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management. IMPORTANCE OF MARKETING RESEARCH TO MANAGEMENT Marketing research can be viewed as playing three functional roles: descriptive, diagnostic, and predictive. Its descriptive function includes gathering and presenting statements of fact. What is the historic sales trend in the industry? What are consumers’ attitudes and beliefs toward a product? Opening a pack of bacon is a messy job.
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