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Importance of Business Research in Marketing

Business research is critical for companies to make informed decisions and stay competitive. It involves gathering relevant information through various methods like surveys, interviews, and data analysis. This helps businesses understand customer needs, market trends, and competitors. Without proper research, companies risk making poor decisions and missing opportunities. For example, launching a new product without understanding the target market could lead to low sales. In marketing, the global pandemic has disrupted consumer behavior and shopping patterns. This is an independent variable directly impacting dependent variables like sales for businesses. Intervening variables may also influence the relationship, such as a company's ability to adapt to the changes.

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79 views2 pages

Importance of Business Research in Marketing

Business research is critical for companies to make informed decisions and stay competitive. It involves gathering relevant information through various methods like surveys, interviews, and data analysis. This helps businesses understand customer needs, market trends, and competitors. Without proper research, companies risk making poor decisions and missing opportunities. For example, launching a new product without understanding the target market could lead to low sales. In marketing, the global pandemic has disrupted consumer behavior and shopping patterns. This is an independent variable directly impacting dependent variables like sales for businesses. Intervening variables may also influence the relationship, such as a company's ability to adapt to the changes.

Uploaded by

Ayessa Viajante
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

MINDANAO STATE UNIVERSITY AT NAAWAN

COLLEGE OF BUSINESS ADMINISTRATION AND ACCOUNTANCY


Department of Accountancy and Business Management
BS Business Administration Major in Marketing Management

MKT 109 BUSINESS RESEARCH

Assignment 1

Answer the following questions:

1. Explain briefly what is business research?

 Being able to do research is critical for successive job whatever company or department you’re
working and whatever your job title. Company use research to make major decisions that affect
production, sales, service, hiring, promotions, and locations. To do research effectively you need
to know how to network people, read a host of prints and online sources, do observations,
perform tests, make a visits and interview. Additionally, you need to prepare surveys and
analyze the results, organized information into clear reports, carefully and completely
document. To make sure your research meets your employer’s expectations it must be relevant,
current, accurate, thorough, realistic, ethical and legal. In simple terms, it is the gathering of
information or expertise for professional or commercial purposes in order to assess business
prospects and goals.

2. How important is research in business particularly in the attainment of its goals and objectives?
Cite a specific example or scenario wherein research is extremely essential.

 Business research helps to identify opportunity and threats, and it is the most effective ways to
understand customer, market and competitors. Such research helps the companies to
understand the demand and supply of the market. Using such research will help businesses
reduce cost, and create solutions or products that targeted to the demand in the market and the
correct audience.

Example: By avoiding business research, you are missing out on crucial chances that will benefit your
company in the long term. Successful business owners are aware of their markets, are aware of their
competitors' and customers' wants and needs, and have gathered all of the knowledge required to
keep their companies competitive. They understand why consumers buy their goods and services,
not just when and where they buy them. Inaction and indecision can occur from a lack of business
research, fear of danger or the truth, and/or too many options, all of which can lead to paralysis.
Every product is not suitable for everyone. Effective business research will assist you narrow down
your genuine market potential and most likely buyers when launching a new product. The more
targeted your survey questions, the better positioned your new product or service will be for sales
success. By this I can say that business research is extremely essential especially of its goals and
objectives.

3. In your field of specialization, give a major problem and try to illustrate the dependent and
independent variables as well as intervening variables, if necessary. 

 The impact of the global pandemic is the most pressing issue confronting the marketing sector
today. Consumer behavior has shifted quickly and dramatically, with many new habits likely to
become permanent. Our capacity to anticipate, meet, and exceed consumer expectations has
always been central to marketing.

INDEPENDENT VARIABLE DEPENDENT VARIABLES

Consumer behavior, Some of the business owners


preferences, and shopping Sales are closing their doors and
patterns have all changed as a are some of them are
result of the epidemic, which likely to experiencing a decreasing
had a direct impact on the slow sales and sales fluctuation.
business world. Many of these down.
changes are likely to be
permanent.

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