MARKET RESEARCH

Market Research in Today's Business World

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Market Research in Today's Business World

Introduction

In order to compete in the 21st Century, businesses need to craft their strategies to effectively respond to the changing global business markets. Therefore, needs of information are varying and become more diverse and complex. Relevant and timely market research is vital to provide a sufficient basis for strategic and daily decision making, as well as to chart the path of firms in a growing competitive environment, turbulent and fast paced.

Discussion

In the global environment, the dramatic changes tied with technology in data gathering, analysis and broadcasting entail that researchers will require broaden their abilities to design, interpret and implement in the current century. Since, market research is brought into line to fit markets with the highest potential of market, researcher need to have the skills and capabilities to design and conduct research in business environments. Technology advances help in employing marketing research tools, such as global surveys via internet to study differing cultural contexts, in order to formulate global marketing strategies. Nowadays, the role of market research becomes essential for businesses to understand diverse behaviors across the world. Market research aids in crafting global strategies, as it has the ability to integrate and interpret complex data from diverse environment and sources will be decisive in providing significant suggestions for the global marketing strategy of company (Steenkamp, 2001).

Information need thereby, marketing research are changing in developing and developed countries. In industrialized countries, established markets become purely incorporated as information flows and vertical links are established between suppliers, retailers, and suppliers. Consequently, there is an increasing necessitate in carrying out research spanning boundaries of country to determine global or regional market segments, and to look at opportunities for better harmonizing and incorporate strategies across the globe. Similarly, technology advances coupled with market research helps in quick collecting data and results interpretation from geographically and multiple diverse sources become very important to devise a significant response strategy and foresee market change.

Marketing research assists in collecting data from across the globe. The increasing and growing communication infrastructure with sophisticated technology make possible to collect data on diverse and broader geographical scale with speediness and swiftness. Such marketing research plays a vital role in formulating global strategies based on local and global customer need, wants preferences and expectations.

The marketing research task is to give management with current, valid, reliable, accurate and relevant information. In today's competitive business environment and rising costs pointed to bad business decisions necessitates the marketing research for sound decisions by means of sound information. Strategic and sound business decisions are based on information extracted from market research rather than on pure judgment, intuition and gut feeling (McQuarrie, 2011).

Business managers involve in a number of tactical and strategic decisions in the process of satisfying and identifying customer needs. Managers are require taking decisions regarding business control and performance, implementing and planning business programs, controls, market segmentation, and target market ...