Marketing researching and forecasting
Market research is simply the collection and evaluation of available data regarding consumers’ preferences for goods and services with a view to connecting the later to marketers. This is an inevitable concept that is understood by major rational leaders and multinational entrepreneurs who value the information obtained from the academic adventure and synthetic brainwork associated with this concept. The avalanche of information available at this age and the speed of innovations in all fields of human endeavors make it a paramount agenda to duly engage in market research and forecasting.
To me, it is an indispensable tool for every manufacturer, marketer and all managers interested in heavy returns for services/goods produced. The situation that warranted is was an attempt to improve customer service delivery and improve their patronage there were speculations then that the market where we operated was the verge of collapse due to an insurgent rise in competitor number. This necessitated a detailed marketing research that would sustain the market viability and also with recommendations and forecast into future market fluctuations, as this would guarantee preparedness for any challenges. And the outcome of the foot proved very useful.
The management was at sweating corner’ as at the time the result was ready, and it was compelled by the avalanche of evidence based reports to take immediate action to salvage existing customer patronage. It was speedily approved as a result of the impeding challenges. The outcome proved worthwhile. Besides, the marketing research or forecasting was a fully integrated effort with other members of the management team.
The decision-making, and the preliminary efforts were integrally co-coordinated by the Central managerial and marketing unit of the company so that the report could be comprehensive enough and warren immediate ratification. For any company that does not use marketing research or forecasting, it is imminent they realize that it is a great marketing tool for this millennial business challenges, and a foundation for any market fluctuations. Marketing research or forecasting greatly eases the planning process by providing the foundational information for productive policies and decisions.