Market Research Scenarios

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Market Research – the global scenario Marketing research is a very vital part of any marketing intelligence system and helps improve the management decision making by providing information that is relevant, accurate, precise and timely. Every decision that poses unique needs for information and related strategies can be developed based on information gathered through marketing research in action. Too often, marketing research is considered narrow for the collection and analysis of data for others to use but still they come in very handy. Firms can achieve and maintain a competitive advantage through the creative use of this market information. Thus marketing research can be defined as the decisions made on the basis of input information and not just evaluation of these decisions. This research alone, however, does not guarantee success. The decisions made for marketing involves issues ranging from the fundamental changes in the business to the decision to enter new markets and expand plus to bridge the tactical question of the best ways to keep retail shelves and occupy most of the visibility. Context of these decisions is market process of planning, acting successively through four stages, analysis of the situation, strategy development, marketing program development and implementation. It serves as an input to the assessment of the situation. As observed, the intelligent use of market research is the key to business performance and hence at each stage, it has made significant contributions to the growth of the company and help to sustain in the ever changing market. Marketing research is not an immediate or clear path to find a solution to all the problems of management but an efficient tool to learn the scenario. A manager who ... ... middle of paper ... ...her. Today not only MNCs and big Indian companies commission Market Research but many Indian companies as well as mid-sized family-run Indian companies also commission market research. Why medium-sized companies and family run companies want to commission market research? It is because there is a great awareness of the value and utility of Market Research and the market for most products and services are highly competitive in the Indian market. Many companies understand the need to make better business decisions in the Indian market with Market Research. Indian market research industry is now estimated to be around Rs. 675 cr. Since the Indian market research industry is still very small as compared to the Indian advertising industry which is estimated at Rs. 16,300 cr. However, growth in the Indian market Research industry over the past 20 years has been enormous.

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