Marketing Research Tools

Marketing Research Tools

Marketing research is important for any organization because it provides value to the bottom line. It is a collection of data, which translates into a tangible asset by implementing the information into active processes. Marketing Research is defined by McDaniel & Gates (2007) as the “planning, collections, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management” (p. 5). Marketing research serves two key roles in the organizational structure of marketing. It is an element of the marketing intelligence process. Key information is acquired, analyzed, and preserved by allowing the organization to make decisions utilizing statistical information found by primary and secondary research. It is also used as key tool in search of innovative ways to enter and remain within a specific target market. When an organization makes the analytical decision to aim and reach for its target market, it uses both qualitative and quantitative research methods, to analyze the similar interests, beliefs, and preferences of the consumer group.

Primary vs. Secondary Research

Market research is grouped into two categories, primary and secondary, of which is defined by the source that collected data information to solve a specific problem. Primary data research is done by the organization for a specific objective and customized to meet that need. Aakar, Kumar, & Day (2007) define primary data as being collected for a specific purpose. If, for example, an organization is trying to figure out the customer satisfaction rate of it shoppers for a particular product by use of an online survey, the information gathered is considered primary data research. Se...

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...he target market. It is apparent that comprehending, examining, and executing the data information resulting from market research, is a strategic approach in translating data into a higher potential for maximizing profits. Specifically, organizations need market research to assist in the decision making that will drive their business to the next level with the intent of maximizing the organizations returns.

Works Cited

Aakar, D. A., Kumar, V., & Day, G. S. (2007). Marketing research (9th ed.). Danvers, MA: John Wiley & Sons.

Burns, A. C., & Bush, R. F. (2007). Marketing research: Online research applications (5th ed.). Upper Saddle River, NJ: Prentice Hall.

McDaniel, C., & Gates, R. (2006). Marketing research (7th ed.). Noboken, NJ: John Wiley & Sons.

McDaniel, C., & Gates, R. (2007). Marketing research essentials (6th ed.). Noboken, NJ: John Wiley & Sons.