Marketing Research in Theory and Practice Essay

Marketing Research in Theory and Practice - Essay Example Marketing Research in Theory and Practice Before embarking upon discussing the research report on the given topic, it would be appropriate to define some concepts and terms used in the present study. â€Å"Marketing research†, according to the American Marketing Association, â€Å"is the function that links the consumer, customer and the public to the marketer through information-information is used to identify and define marketing opportunities and problems; generate, evaluate and refine marketing actions; monitor market performance; and improve understanding of marketing as a process.† In other words, marketing research refers to the systematic procedure for the collection and analysis of data regarding some specific market product. It enables the manufacturers, industries and companies to have a comprehensive and analytical assessment in respect of the views, preferences, requirements as well as prospects and perils of the consumers, retailers and stakeholders involved in sales and purchase of their product. The data gathered and interpreted during marketing research significantly supports the organizations draw out future plans according to the changing trends a nd scenario of the market. It is considerably helpful in enhancing the organizations’ volume of production and sales. â€Å"Marketing research† Zaidi & Javed opine, â€Å"concentrates on data collection related to market product while interacting with the consumers, gathering information from them and interpreting results about various aspects of a market product.†