Question

In the business world of the 21st century, will it be possible to make critical marketing decisions without marketing research?

Answer 1

Twentieth century has seen the demise of many companies in the post recession period, if we talk about the recession of 2008. There is an ever increasing drive for profit and this drive encourages firms to go out of the country or region and explore new areas where they can sell their products. In this sense marketing research becomes important as well as quintessential before start producing and selling in a new market. The modern market is consumer oriented and therefore market research that focuses on the behaviour of consumers is advantageous. Marketing research therefore brings the customers perspective and they are therefore become the focus of decision making. Sometimes market research is also important because it is helpful in analysing the market players so that an appropriate pricing and production decisions can be taken. Without such decisions, profits will squeeze and incompetitive firms will have to leave the industry. Hence, marketing research helps the firm to reduce the risk and uncertainty. These facts suggest that marketing research is pivotal for businesses and if businesses are making marketing decisions without a proper search then they will soon perish.