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Marketing Research in Theory and Practice Essay Example

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Marketing Research in Theory and Practice

Marketing Research in Theory and Practice. & Javed opine, “concentrates on data collection related to market product while interacting with the consumers, gathering information from them and interpreting results about various aspects of a market product.” (Zaidi & Javed, 2002:7).Marketing research concentrates not only on the alterations in the needs of the customers, but also it discusses how these alterations can be met with by exercising some specific strategies according to the growing requirements within a commercial set up. In the same way, a marketing researcher tries to explore the consumers’ views regarding the products already existing in the market to get acquainted with the alterations the customer look for with the passage of time.

As the contemporary era is the era of perfect competition and there are plenty of products in each and every field, a company must have to keep an eye on the business strategic plans and innovations of the competitor companies in order to sustain its position within the business environment. Companies involve in PESTLE, SWOT and other relevant analysis in order to remain updated with the political, environmental, social, technical, legal and economic changes taking place far rapidly than it happened in past. Theoretically, many concepts are discussed under this topic, though practically, marketing research is the process based on all the developments being made in the business environment in everyday life. Bailey (1987) has defined five steps of research process including choosing the research problem and stating the hypothesis, developing the research design, gathering of data, coding and analysis of data and the interpretation of findings on the basis of the data gathered. Almost all the researchers follow these steps while conducting both marketing as well as social research processes.Decision-making plays vital role in the life and strategies of organizations and business entrepreneurship. Johnson and Scholes view strategy as the response of an organization to its environment. Managerial decision-making differentiates an organization with other industries existing under the similar business environment. Many cultural frames of reference influence the managerial decision-makings. These include industry frame of reference i. an industry recipe and organizational framework i. If management is more stable carrying long-term momentum of strategy, the paradigm will be more smooth and homogenous. It is in the benefit of an organization that it. Marketing Research in Theory and Practice.

REFERENCES

American Marketing association. (Quoted in the website "http://www.marketingpower.com/content4620.php")

Andrews, K. R. The Concept of Corporate Strategy. Homewood: Dow Jones: Irwin, Inc. USA. 1971, Chapter 1 p.2

Bailey, Kenneth D. (1987). Methods of Social Research. 3rd Edition, New York Free Press; Collier Macmillan.

Culbert, Samuel A. & McDonough, John J. 1985 Radiant Management. Power Politics and the Pursuit of Trust. The Free Press New York.

Heaton, Janet. (Autumn 1998). Social Research Update Issue 22. (Quoted in http://www3.uakron.edu/witt/rmfcs/SRU22.html).

Johnson, Gerry & Scholes, Kevan. (1993) Exploring Corporate Strategy. Text and Cases, 3rd ed. Prentice Hall New York.

Logan, Newman. (1976) Strategy, Policy and Central Management, 7th Edition. South Western Publishing Company, Ohio.

Mair, Andrew. (1996) Reconciling Managerial Dichotomies at Honda Motors. .Submitted to Birkbeck College, University of London. Pp 663-679.

Zaidi, Mujtaba Haider & Javed, Muhammad Akram. (2002). New Dimensions of Qualitative Marketing Research. Moosa Publications, Urdu Bazaar, Gujranwala.

http://www.marketingteacher.com

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preview essay on Marketing Research in Theory and Practice
  • Pages: 12 (3000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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