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Examining Market Research

In: Business and Management

Submitted By angiebegood1
Words 1275
Pages 6
Running Head: MARKET RESEARCH

Examining Market Research

Andrea Reed

GB 500-Business Perspectives

Kaplan University
June 3, 2014

Examining Market Research

In the world of business there are several important factors to a company’s success, one of these factors is the use of marketing research to help make sure that the company can position itself in the best possible market to achieve the greatest possible success. Market research is simply the orderly collection and analysis of information by which good business decisions can be made. Companies that use market research regularly are better positioned for success. Performing research before deciding to do business in a certain area is a good way for a company to determine whether or not the business can be successful in that area. Investigating the size of different markets and finding out what position of the business is in that market helps to give the business an idea of what type of success they will have in that market (Edwin, and Itzkowitz, n.d.). When exploring the functions of marketing research, several approaches come into view. Whether conducted internally or by an outside firm it is important to decide which process will give the best results for the company’s need. The exploratory function of marketing research is used by researchers to get an understanding of a certain situation or outcome; a descriptive function, is used for the collecting and demonstration of the material found; the diagnostic function of marketing research simply means using analysis to check out the information found and attempt to validate it; finally, the predictive function is using the data that has been gathered to forecast what effect it will have on a marketing decision or on how the consumer will react within the scope of the decision.

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