Why Market Research?
Companies and organizations exist to serve their customers' needs in ways that create meaningful value for them. However, the perception of value is a subjective and relative one, and what consumers currently value may not be the same as what they will value in the future.
In order to make effective and efficient business decisions in a changing competitive environment, managers need timely and accurate information about the preferences and expectations of their current and prospective customers. Good marketing research is the process of systematic and objective identification, collection and analysis of information for the express purpose of helping managers make better decisions regarding the identification and solution of problems and opportunities in marketing. Understanding shifts in consumer preferences, behavioral and attitudinal changes, and evolving trends gives managers the strategic insight to stay ahead of the market and the competition.
