Contemporary Marketing Research

Marketing research is a tool to understand consumers, suppliers, channel partners, employees and competitors and the environment for developing effective marketing programmes. Its task is to assess information needs and provide management with relevant, accurate, reliable, valid and current information to aid marketing decision making. Companies use marketing research to stay competitive and to avoid high costs of poor decisions based on unsound information. Forecasting the right strategy became the important step in the business. For this, understanding market needs, collecting relevant information and using statistical tools for analysing it for complex business decisions is a major task.