Gujarat BoardEnglish MediumSTD 12 CommerceOCMMARKETING MANAGEMENT3 Marks
Question
Marketing research is a cyclic activity. Explain.
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Answer
It is said that marketing research is the first step towards marketing.
When a producer launches a new product he wishes to gain insight about the preference of consumer about the product and so he engages in marketing research.
Marketing research provides detailed information about scope of market, taste and preference of consumers, readiness to pay a certain price, etc.
On the basis of the information, the producer moves ahead with production.
The process of marketing research does not end here. Once the product is launched, it is also necessary to understand consumer satisfaction with the product and the changes he expects. This again calls for the need of research and fresh inputs from the market.
Moreover, when competitor launches their products, marketing research again becomes helpful to compare the product already existing in the market with the new product being launched.
If the product fails, the research is again conducted to know the reason for failures, make changes in the product and give it a fresh start.
Thus, we can say that the marketing research is a cyclic activity.
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