Importance of Marketing Research in Business Decision Making

The assignment requires students to analyze the marketing research process and discuss its significance in informing business decisions. It also asks them to reflect on whether companies should follow findings from market research and provide examples. The reference list includes two academic sources.

Running head: MARKETING
Marketing
Name of the Student
Name of the University
Author’s note

1MARKETING
Which of the steps of the marketing research process do you think is the most important
and why?
Each and every step that is taken in the research methodology process is essential and is
important to ensure that the information that is gathered and analyzed is appropriate and is not
tampered due to the variation in the relevance of the study. There is a set process that is
internationally accepted to follow while constructing a research paper whether it is market
research or academic research. This procedure is undertaken to ensure that there is a logical flow
of information so that the reader is able to understand the study. Selection of the right data
collection tool or instrument is very important to get the right kind of information from the right
people at the right time, for example in case the subject requires for a semi structured interview
but the chosen tool is survey then the findings may be irrelevant (Hague et al., 2013). Selection
of the sample size out of all the steps is the most essential part of market research, the population
of the study has to be thoroughly checked and analyzed in order to determine a concrete
outcome. Therefore the process of selecting the sample size is essential as the response of these
people will manipulate the result of the findings and lead to the conclusion of the research (Burns
et al., 2014).
Do you think that a company should follow findings from market research? Why or why
not? When would it be appropriate (or not)? Cite examples. (Reflection)
I think that a company should follow findings form market research as it helps them to
understand the need and requirement of the stakeholders of the company based on the topic of
research. It is important to formulate the decisions and policies of the company based on the
dynamics of the industry in which the company exists and with the help of market research the

2MARKETING
company can analyze and determine the various prevalent dynamics o the industry. For example
a company is diversifying with an existing product or service idea, in order to initiate the process
the organisation requires a lot of capital it is a good idea to undertake a market research
regarding the new idea as the response and the findings will help the company understand the
perspective of the target market which will in turn help the company save from investing the
capital in case the response is negative.

3MARKETING
Reference list:
Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Boston, MA, USA:
Pearson.
Hague, P. N., Hague, N., & Morgan, C. A. (2013). Market research in practice: How to get
greater insight from your market. Kogan Page Publishers.