What is marketing research? Name and briefly describe the three functional roles of marketing research.
What will be an ideal response?
Marketing research is the process of planning, collecting, and analyzing data relevant to marketing decision making, and communicating results of this analysis to management. Marketing research provides decision makers with data on the effectiveness of current marketing strategies. Marketing research is the primary data source for the marketing decision support system. The three functional roles of marketing research are descriptive, diagnostic, and predictive.
The descriptive role of marketing research includes gathering and presenting factual statements. The diagnostic role of research explains and assigns meaning to data. The predictive role allows the researcher to use the descriptive and diagnostic research to predict the results of a planned marketing decision.
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