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Marketing Research Overview

The most vital function of management in an organization is to minimize risk and uncertainty through systematic decision-making. Better decisions result from the effective and timely utilization of right information about the consumers, dealers, competitors and others. Thus. Management can be regarded as a game of handling information. Effective manager is one who handles various bits of the information effectively he is unable to make the required decision and the result is indecision, i.e., mismanagement.

Marketing as a functional area of management is becoming in-creakingly important as comported to other fields, viz., production finance. Personnel and research & development. The increasing significance of marketing is the major reason that marketing information has gained the present pivotal place of importance. All decisions in modern business organizations revolve around the marketing information. In modern business organization, fiancé, personnel, production and research & development may be the door to success but marketing is the key which turns the lock. Consider any business decision, we find that the critical input needed for this purpose is the marketing information. This information can be collected and utilized using marketing research techniques.

The present chapter discusses various aspects of marketing research, viz., conceptual framework, historical development, nature, scope, uses and limitations, role, career opportunities, market vs. marketing research, and relationship of MR with other disciplines.

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