Marketing Research

Business Managers require critical information in order to develop and introduce products and services that create value in the mind of the customer. However, in most cases, customer tastes are never static and this why data must be collected and analyzed. The goal of marketing research is to provide the facts and direction that managers need to make their more important marketing decisions.

To maximize the benefit of marketing research, those who use it need to understand the research process and its limitations.

Marketing Research vs. Market Resarch

These terms often are used interchangeably, but technically there is a difference.

Market research deals specifically with the gathering of information about a market's size and trends. Marketing research covers a wider range of activities. While it may involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing problems.

The Value of Information

Information can be useful, but what determines its real value to the organization? In general, the value of information is determined by:

  • The ability and willingness to act on the information.
  • The accuracy of the information.
  • The level of indecisiveness that would exist without the information.
  • The amount of variation in the possible results.
  • The level of risk aversion.
  • The reaction of competitors to any decision improved by the information.
  • The cost of the information in terms of time and money.

With the Milestone Consulting Group’s knowledge and expertise in executing the marketing research process, a marketing research report could be invaluable to any business attempting to introduce or enhance its product and or service offerings to customers.

More Information

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