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Marketing 2018 19th Edition

Marketing 2018 (19th Edition)

Book Edition19th Edition
Author(s)Ferrell, Pride
PublisherCengage Learning
Chapter 5, End of Chapter , Discussion and Review Questions , Exercise 1
Page 158

What is marketing research? Why is it important?

Here is a tip:

Market research is a collection of data from the market about various needs of the consumer.


Marketing research is a process for gathering information. Its purpose is to inform a firm about customers' needs and desires, marketing opportunities for products, and changing customer attitudes and purchase patterns.


Market research is important in many ways:

  • It includes carefully analysing the data from the consumers about a particular need or product. So if the organization is somewhat going wrong it can easily be rectified to reduce the loss and gain profit.
  • Market research carefully analyses the competition and thus helps to differentiate the offerings of the company.

Verified Answer

Marketing research is the systematic design, collection and reporting of information from the market to solve problems and discover opportunities.


Marketing research is important as it increases the marketer's ability to respond to customer needs, which leads to improved organizational performance.

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