Evaluate the Role of Market Research in the Decision Making Process of Essay

assess the Role of Market Research in the Decision Making Process of an Organisation - Essay spokespersonMostly, the firm undertakes a study of a sm altogether sector of the population and the data collected represents the spotless population. For example, married women who work in Bristol and are between the successions of 30-45 shadower be used to represent all urban women who work in the United Kingdom. The Role of Market Research in the decision making process of an governing In order to reach and appeal to the target commercialize, organizations utilize strategies that enhance the victory of their activities in the market. For example, Arbitron conducted market research that indicates people who frequently attend movies say that commercials on television cannot be termed more acceptable than commercials aired in the lead the start of the movie. 53% of people who frequent cinema halls relegate movie advertising more acceptable only 46% contend that television advertisin g can be termed as acceptable. The research also indicated that 59% of people who attend movies remember the commercials they watched on the screens before the start of the movies (Wiley 2012, p. 4). The study also indicated that advertising using cinema can be regarded as the outflank way of connecting with the younger generation. Movie theaters adverts reach 124 million people or 45 percent of Americans from the age of 12 years. 67% percent of adults between the ages of 18 and 24 years frequent movie theaters in every 30 days. The collection of such data during market research plays an essential role in informing the decision making process of an organization (Wiley 2012, p. 4). In the decision making process of an organization, market research plays a number of roles. First, market research contributes significantly to the merchandising system, especially in the marketing intelligence feedback process. It provides management with data regarding the effectiveness of the marketing mix that the organization relies on in the market. found on this, an organization will be in a position to identify the necessary changes that ought to be made in the marketing mix. In addition, market research plays a crucial role when the organization wants to explore new opportunities available in the market. This is accomplished through new product research, which enables an organization to mark decisions on how to structure the product to meet the demands of the customers. For example, an organization declares decisions on branding and packaging of the products (McDaniel & Gates 1998, p. 5). another(prenominal) role of market research in decision making emanates from the crucial role that it plays in fortune the management understand the needs of the customers. In the modern world, market research provides many organizations with the necessary companionship on the customers needs. As a result, the organization will be in a position to make decisions that will enhance the r etention of customers and customer loyalty. Consequently, this will lead to job satisfaction and employee retention as employees becomes effective while serving loyal customers (McDaniel & Gates 1998, p. 7). Statistics in a study conducted by Bain and conjunction indicates that a reduction in the rate of customer defection can boost the profits by 25 percent up to 95 percent. Apart from assisting the organization to understand the ne