The Importance of Conducting Market Research

             Market research is a vital part of any successful business today. Define by Zikmund (2003, pp 4); Market research is "the systematic and objective process of generating information to aid in marketing decisions." Market research is important when considering a new or improved marketing concept. It is essential for any business to conduct market research continuously as today's business environment is always changing. Many market sectors have been "left behind" when they have chosen not to recognize a changing society or market environment. Five significant changes that have taken place in the business environment in the last 10years are technology improvements, dramatic changes in gender roles, altered social perceptions, globalization and a change in the definition of a family unit.
             A family unit is "A living unit having at least two people related by blood or marriage living together". (Wilkie 1994, pp391). Much of market research is aimed towards individual consumptions, but in reality a large proportion of goods and services are consumed as a family unit. Many changes in household structures have occurred lately. Single parents, same-sex relationships, adoptions, multicultural families and working mothers are all additions to a modern "family unit" that are now accepted and widely practiced in society. This dramatic change in the family household unit had caused market researches to consider a new way of market research.
             The family unit was originally considered a male-dominated structure, where the "man of the house" held the purchasing power. With the change in the family structure, the purchasing power can now lie with anyone within the households or can be shared equally. This change in purchase power means alterations in some questions are needed when interviewing families for market research. Personal interviewing and telephone interviewing are both primary sources for market research and have been the most successful w...

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