why might marketing research be described as the most important function of the maekting department?

Question

answer with a report

Answer 1

Since the customer is the basis of marketing, and the whole point of marketing is to profitably meet customer needs and wants, marketing is completely dependent upon understanding those needs and wants. Marketing research is the process of determining who the customers (or potential customers) are and what they want. Therefore, good marketing research is essential to effective marketing.

Answer 2

A business firm need to know its expected revenue from sales for budgeting and planning. The revenue, in turn, would be a function of product, potential customers, competitive action, price preferences, geographical spread of the firm and its customer network, field staff for performing the sales function efficiently, and so on. Now, for none of these the firm would have a dependable data base unless research is done scientifically. Customer profiles can be collected, product life cycles can be examined, price penetration potential can be studied, and structure and intensity of competition can be evaluated. Marketing research can possibly be extended to all conceivable dimensions so as to gain insights into potential revenue and its major determinants at a given point of time or in given situations. It is easy to see that these variables change and this would then require marketing research to be an ongoing process and in a highly dynamic environment. Needless to stress that a strong marketing function can be greatly supported by a very dedicated and well qualified marketing research division/team.

Answer 3

I believe it's because it becomes the basis of marketing strategies. Marketing strategies are being formulated to increase sales, and hence revenues.