Effective application of marketing research as a critical success factor in business

From the point of view of microeconomics, marketing is a system of operation of a particular company (firm). In the process of analysis, planning and marketing managers need information about the state of the market: customers, competitors, etc. Marketing research is a tool that provides the formation and functioning of this system, namely, the complex of activities involving the gathering, recording and analysis of information (about customers, competitors, prices, etc. components of the market) to facilitate the process of making responsible management decisions. Marketing research is needed in the first place for information, because reliable information allows, first, to reduce the risk of decision-making, leading to adverse outcome, and secondly, more likely to make decisions optimal for the development of the company. Marketing researches provide up to 80% of market success, however, not by themselves, but under the condition that the decisions that determine the management activities are carried out on their basis. Therefore the use of marketing research in today’s market is not only useful, but absolutely necessary for successful business and competitiveness of the firm. Depending on the purpose and volume of the withdrawn funds, the firm can choose any of the options for marketing research. At the time of the study, it can be argued that the majority of firms have their own marketing division of the firm, or order a separate one-time studies. It should be noted that those companies which by the nature of their activities need constant information or the most recent and fresh data, should prefer the monitoring of the market.

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