MARKETING-CLARK - 4.5 Contributions of Marketing Research...

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4.5 Contributions of Marketing Research and Organizing Marketing Research Departments There are many ways by which a business firm gains benefits from research, particularly on these five items: 1. With the guidance of marketing research, products could be better adapted to demand: these products are more likely to be priced in accordance with demand. 2. Efforts to stimulate sale and income will be more effective because of marketing research which can predetermine the best sales appeal of the product. 3. Marketing research may not only increase sales and income but also cut marketing costs by making effort, more efficient and by revealing wastes that can be eliminated. 4. When the management of the firm uses marketing research to isolate and identify company’s problems, they are forced to think searchingly about the problems and they are forced to think about the firm’s situation. 5. Marketing research can engender a progressive spirit that may spread throughout a concern.
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