Page 120 - Foundations of Marketing

Marketing Research and Information Systems | Chapter 4 87

Marketing research enables firms such as LEGO to implement the marketing concept by help-
ing them acquire information about whether and how their goods and services satisfy the
desires of target-market customers. When used effectively, such information facilitates rela-
tionship marketing by helping marketers focus their efforts on trying to anticipate and meet
the needs of their customers. Marketing research and information systems that provide practi-
cal and objective information to help firms develop and implement marketing strategies are
marketing research
therefore essential to effective marketing.
The systematic design,
In this chapter, we focus on how marketers gather the information needed to make mar-
collection, interpretation, and
keting decisions. First, we define marketing research and examine the individual steps of the reporting of information to help
marketing research process, including the various methods of collecting data. Next, we look marketers solve specific mar-
at how technology aids in collecting, organizing, and interpreting marketing research data. keting problems or take advan-
Finally, we consider ethical and international issues in marketing research. tage of marketing opportunities

THE IMPORTANCE OF MARKETING LO 1 . Gain perspective on
the importance of marketing
RESEARCH research.

Marketing research is the systematic design, collection, interpretation, and reporting of infor-
mation to help marketers solve specific marketing problems or take advantage of market-
ing opportunities. As the word research implies, it is a process for gathering the information
needed that is not already available to decision makers. The purpose of marketing research
is to inform an organization about customers’ needs and
desires, marketing opportunities for particular goods and
services, and changing attitudes and purchase patterns of
customers. Market information increases the firm's ability
to make informed decisions and respond to customer needs,
which can lead to improved organizational performance.
Detecting shifts in buyers’ behaviors and attitudes helps
companies react to the ever-changing marketplace. Strategic
planning requires marketing research to facilitate the process
of assessing such opportunities or threats.
Marketing research can help a firm better understand
market opportunities, ascertain new products' potential for
success, and determine the feasibility of a marketing strat-
egy. It can also reveal trends. For example, mobile retail-
ing, meaning shopping on smartphones and other devices,
is booming. The marketing for mobile retailing is expected
2
to double in fewer than five years. This means that mar-
keters must take smartphone compatibility into account
when designing advertisements and in-store displays. For
instance, marketers may want to include a matrix barcode
that pushes customers to the company website when they
scan it with their mobile device. Failing to keep up with
trends can ruin companies because they will not maintain a
competitive advantage.
The real value of marketing research is measured by Courtesy of Accenture
improvements in a marketer’s ability to make informed
decisions. Many types of organizations use market-
ing research to help them develop marketing mixes that
Importance of Marketing Research
address the needs of customers. It is important in today’s Firms such as Accenture can help companies improve their
rapidly changing marketing environment that firms have data-gathering and assessing capabilities, helping them to make
the necessary organizational speed and agility to adapt to better decisions about marketing strategies and to improve
changes quickly. To improve research-gathering capacity performance.

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