Impact of Marketing Research on New Product Development & Decision Making

Abstract

Marketing research is charged with helping to reduce uncertainties. The importance of marketing research can not be underestimated in any business, any culture and any environment. The reason behind this research is to create awareness of marketing research among companies for their new product development; the objective of this study to determine importance of marketing research.The research was based on both primary and secondary data; the analysis of primary data was possible through questionnaires which were distributed to the companies. Almost all the companies surveyed conduct their marketing research for different purposes. From their perspective, it’s very difficult to survive without conducting research in such a competitive environment. The result showed the shifting trend towards marketing research in our society and the significance of marketing research is reinforced in all aspects like understanding consumer needs, getting competitive, reducing risk, and developing marketing mix. The market is full of opportunities and threats, and to anticipate these two extremes the marketing research should be conducted.