Marketing research is important to management because it helps managers in several ways. Discuss three major benefits of marketing research to managers.
What will be an ideal response?
IMPROVING THE QUALITY OF DECISION MAKING. Marketing research improves the quality of marketing decision making by enabling managers to explore various marketing alternatives.
TRACING PROBLEMS. Managers might use research to find out why something did not work as planned. Marketing research can identify incorrect decisions, changes in the external environment, and strategic errors.
FOCUSING ON THE PARAMOUNT IMPORTANCE OF KEEPING EXISTING CUSTOMERS. Marketing research helps companies measure the level of existing customer satisfaction. Costs fall because companies do not have to replace defectors. Steady customers are easier to serve. Increased customer retention also leads to increased employee job satisfaction.
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