Marketing research

Marketing Research

Marketing research is the tool used by management in solving problems and making decisions in the field of marketing.  It is an end to a sound judgment, as the aim is to furnish an organization with necessary facts of which to base their decision.   It provide managers with hypothesis or principles which can be carried over from one marketing situation to another and this can be useful in making predictions.  It supplies analytical tools based on logic mathematical used in decision making.

        Stanton (1988,p.48) stated that “By broadening the perspective of marketing research we are on effect, embracing the marketing concept.” He however criticized marketing research on the basis of certain difficulties which can be traced to the fact that the field depends on human judgment and feelings of the people.

        Marketing research uses statistical tools, in formulating new policy for future markets and help to answer question on what quantity, at what price, to which customers the products are meant for.  It involves gathering, recording and analysis of all facts and data concerned with the transfer of goods from the producers to the consumers.  It also reduce the area of uncertainty surrounding business decisions by improving the supply of market information to the decision makers.

        Nwokoye (1985, p88) stated that marketing research provides valuable information for the planning of the marketing mix.  He further stated that research reveal the product features that are popular, reveal price ranges that are acceptable to buyers, reveal, retail outlets that can favour the buyers and what media the buyers are likely to be reached.  When the marketing plan is launched, marketing research is needed to monitor results and to investigate various kinds of problems relating to the marketing effort.  He emphasized that if a market has developed research tradition as an integral way to planning and problem solving, he is likely to reap full benefits from it.  He also stated that “Marketing research does not only produce benefit, it curs cost as well.

        Tomcannon (2003, p. 108) has three views on marketing research.  Firstly, it is a means used by those who provide goods and services to keep themselves in touch with the needs and wants of those who buy use those goods and services.  Secondly, it is the systematic collection and objective recording, classification, analysis and presentation of data concerning the behaviour, needs, attitudes, opinions, motivation; of individuals and organizations (Commercial enterprises, public bodies etc) within the contact of their economic, social, political and everyday activities.  Lastly, it is the systematic and objective search for analysis of information relevant to the identification of any problem in the field of marketing.  This goes beyond the confines of market research, with its emphasis on the measurement and analysis of markets, to solve a particular company’s marketing problem in an attempt to encompass the broad field of marketing.

        In the view expressed by Green and Tull (1976, P.3) marketing research is a restless, changing dynamic field.  Concomitant with these changes have been the gradual but pronounced shift in orientation of firms from production to marketing.  The marketing manager assumed a wider range of responsibility that have increased in complexity  hence an ever increasing premium has been place on making sound marketing decision.  In response to this requirement a formalize means of acquiring information to assist in the making of marketing decision has emerged.  This means is called marketing research.  They defined marketing research as “a systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the filed of marketing”.  They believe that marketing research underline and permit the management decision making under the four classes or conditions viz certainly with respect to each course of action leading to a specific outcome; Risk with respect to each action leading to a set of possible outcomes and each outcome, given a particular course of action.

        Green and Tull are of the opinion that, we have problem whenever we have goals or objective to attain.  When the problem contains significant unknown or risks or when the right course of action is unclear, we must conduct marketing research if we are to keep the risk within tolerable limits.  In the risk of modern technology and human behaviour, and in the face of complexity of marketing issues, the decision maker has a difficult role.  He must deal with the inter play of values, factors and non-factors amidst the struggle of human and social values against machines and “fair profit” demands.  All these can be clarified sufficiently with the help of marketing research.