Evaluate the Role of Market Research in the Decision Making Process of Essay

Evaluate the Role of Market Research in the Decision Making Process of an Organisation - Essay Example Mostly, the firm undertakes a study of a small sector of the population and the data collected represents the entire population. For example, married women who work in Bristol and are between the ages of 30-45 can be used to represent all urban women who work in the United Kingdom. The Role of Market Research in the decision making process of an organization In order to reach and appeal to the target market, organizations utilize strategies that enhance the success of their activities in the market. For example, Arbitron conducted market research that indicates people who frequently attend movies say that commercials on television cannot be termed more acceptable than commercials aired before the start of the movie. 53% of people who frequent cinema halls find movie advertising more acceptable; only 46% contend that television advertising can be termed as acceptable. The research also indicated that 59% of people who attend movies remember the commercials they watched on the screens before the start of the movies (Wiley 2012, p. 4). The study also indicated that advertising using cinema can be regarded as the best way of connecting with the younger generation. Movie theaters’ adverts reach 124 million people or 45 percent of Americans from the age of 12 years. 67% percent of adults between the ages of 18 and 24 years frequent movie theaters in every 30 days. The collection of such data during market research plays an essential role in informing the decision making process of an organization (Wiley 2012, p. 4). In the decision making process of an organization, market research plays a number of roles. First, market research contributes significantly to the marketing system, especially in the marketing intelligence feedback process. It provides management with data regarding the effectiveness of the marketing mix that the organization relies on in the market. Based on this, an organization will be in a position to identify the necessary changes that ought to be made in the marketing mix. In addition, market research plays a crucial role when the organization wants to explore new opportunities available in the market. This is accomplished through new product research, which enables an organization to make decisions on how to structure the product to meet the demands of the customers. For example, an organization makes decisions on branding and packaging of the products (McDaniel & Gates 1998, p. 5). Another role of market research in decision making emanates from the crucial role that it plays in helping the management understand the needs of the customers. In the modern world, market research provides many organizations with the necessary knowledge on the customers' needs. As a result, the organization will be in a position to make decisions that will enhance the retention of customers and customer loyalty. Consequently, this will lead to job satisfaction and employee retention as employees becomes effective while serving loyal custo mers (McDaniel & Gates 1998, p. 7). Statistics in a study conducted by Bain and Company indicates that a reduction in the rate of customer defection can boost the profits by 25 percent up to 95 percent. Apart from assisting the organization to understand the ne

An Op-ed assignment Example | Topics and Well Written Essays - 750 words

An Op-ed - Assignment Example I guess that the organization that works to improve women`s health of all classes and social levels and which attracts public must be responsible when making such controversial decisions and must give report to the public. It seems to me that it would me reasonable to find out the opinion of donators and then make such drastic changes. The problem of breast cancer is familiar to me as I support a person who is fighting with this horrible disease. She is my sister whose diagnosis became a shock for the entire family as she was raising to little kids herself at that moment. When I got involved into daily care about my sister I realized how much could have been done if the screening had been conducted earlier and the tumor had been detected earlier. But we lived in the area where there was no opportunity to receive decent medical consultation or at least reliable information. My sister raised two daughters herself and the threat that someday they can become victims of this horrible disease pushed me to make some real changes. And instead of thinking about alternative ways of events for our family I have decided to make material contribution to the solution of the problem. So all I want to say is that for the people who deal closely with cancer and who made efforts to change something being only ordinary citizens such global changes proved that it is impossible to rely on some funds like these, unfortunately. The mission of Planned Parenthood was in sync and in alignment with the mission of Komen- they aimed to provide all the women with equal opportunities for effective treatment and diagnosis of breast cancer. It is well-known that prevention and timely detection is as important as treatment in case of breast cancer. The contribution of Planned Parenthood was obvious and fundamental- it helped to reach the least protected layers of American population: immigrants, those living in remote village areas.