Abstract:

The management of an undertaking conducted on marketing lines must at all times be in a position to survey the whole multiplicity and complexity of the events occurring in the market. It is the task of market research to obtain information on the market for the formulation of marketing policy. Market research produces the basic material for marketing, points out the strengths and weaknesses of the undertaking, indicates gaps in the market, defines market segments and so forth. Marketing policy has to proceed on the basis of this knowledge and to guide the aptitudes of the undertaking on the lines of what is taking place in the market. Market research and marketing bear the same relation to each other as does diagnosis to therapy. Market research would be pointless if it did not find its logical continuation in marketing operations. On the other hand marketing without previous market research is nothing more than trading by intuition.