MARKET RESEARCH

Importance of Marketing and Market Research to an Organization



Importance of Marketing and Market Research to an Organization

Introduction

Today's business world without marketing is like hunting without arms and ammunitions. One might wonder that people will still be able to hunt, yes that is true, but with more difficulty and with fewer chances to succeed. Similarly, the businesses might still run without the marketing functions, its processes and techniques but with less success. Every single business and firm in today's world put a lot of weight on the importance of having a marketing department. Marketing is actually the back bone of every business. It is the driving force of the company to excel in the industry, with the aim of trying to leave its competitors behind at the same time. The most important role that marketing plays for the business is that it connects the customers with the company (Moorman, C., and Rust, R., 1999).

It is the process which includes the identification, anticipation, and satisfaction of customer needs profitably. The key role of marketers is to identify the needs of their customers that can correlate with the products offered by the company, and then fulfilling those needs by providing value to them. Philip Kotler, the world's renowned professor and expert in marketing, once said “today's smart marketers do not sell the product alone, they sell the benefits also which persuade the customers to purchase their products” (Kotler, P., 1999). This indicates that marketing has evolved to much different level nowadays as it was before. Previously, marketer's primary objective was just to sell products and services offered by the company. Yes, sales do increase the profitability of the company, but not on a long-term perspective. This is the reason why today's marketers are more focused on the satisfaction and retention of their customers, rather than just sales. This can be achieved through providing value to the customer upon the purchase of their product (Gronroos, C., 2006).

If customers remain happy and satisfied with the company, they will build their trust with that company, and hence will purchase that company's products again and again. This will ultimately create a strong relationship between the company and its customers, and hence it will help in the profitability and growth of the company.

Market Research

Market Research is a formal way of gathering the customer data and information in order to use it for making the marketing related decisions. The process of market research includes identifying the problem, research design development, data collection, analyses and interpretation, report writing. Marketers use the theory of market research in order to know who their target market is, what products and services need to be offered to customers (Smith, S., and Albaum, G., 2012). Furthermore, they look for the driving forces of the customers purchase decision, and what means of communication should be adopted in order to reach the target market. In order to be the successful marketer or to make successful marketing decisions, one must be able to design and conduct a ...