Importance of Marketing Research in Marketing Management
Market research is a process which consists of stages belonging to data interpretation, organization and collection as well. Market research is one of the essential processes for expansion of business at wide range. This process essentially helps in accurate prediction and access of customer needs and bringing changes in business strategies accordingly.
Marketing management is a discipline which involves practical use of applications, techniques and methods that are completely oriented towards market. It requires managing marketing resources and activities as well. It uses several economical tools and competitive strategies to make further industrial analysis. Marketing management needs sufficient investment in market research for collecting accurate data needed for right analysis of market. Lots of marketing techniques are available to perform market analysis in qualitative as well as quantitative modes. For getting higher success in market, there is need to examine the cost structure, profit sources, resources, competencies, competitive positioning and product differentiation and other similar factors.
Market management process involves several kinds of controlling systems for organization like sales forecast, sales force, incentive programs, sales force management and customer relation management tools. There is need to efficiently manage whole marketing process with help of necessary marketing tools.