Research could simply be defined as having a proper, definite and near accurate information carried out in a systematic manner in order to establish facts or principles, or to collect information on a subject.
Market research specifically looks into the business environment in detail for competition from other companies, regulatory rules and laws, trends, up-to-date technological advantages and any other facts relevant to the specific product or service.
As it is imperative for any organisation making foray into any sector of the market to first carry out an analysis and comparison of the market vis-à-vis competitor advantage, so also is it relevant to existing organisations. Identifying changes and how it impacts the consumer will help management make the right decisions towards the best marketing strategy.
Carrying out research or having a proper understanding of the market helps in the distribution and allocation of resources. This is particularly important once the organisation knows the specific things to be done.
Another importance of research which cannot be underestimated is manpower. With a proper understanding of what is needed, definite tasks are accrued to the right personnel with a proper understanding of the expected outcome. This helps in measuring results.
However, it is important to point out that it’s not always necessary to conduct research before attempting to solve a problem in business or marketing management. The business owner or manager may feel that he already knows enough to make a good decision. In some instances, there may be no choice among alternatives and hence no decision to make.
It is rather pointless to study a problem if there is only one possible solution. But in business situations, the owner or manager must make a choice among two or more courses of action. This is where fact-finding enters in to help make the choice.
Finally, good research should help integrate marketing with the other areas of the business.
By Ewuoso Adeyombo