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Roles and Functions of Market Research

Roles and Functions of Market ResearchMarketing research plays two key roles in the marketing system. First, the research is part of the marketing intelligence feedback process, which provides data on the effectiveness of the current marketing mix and provides decision makers with insights for needed changes. 
Roles and Functions of Market Research

Second, marketing research is a key tool in exploring new opportunities in the market. Segmentation research and new product research help identify the most profitable opportunities for marketing managers (John Hendri, 2009).

The market research function is related to how management uses it, namely:

1. Planning (Planning)

Planning is related to determining market opportunities including Segmentation, Demand estimation and Environmental assessment.

2. Problem Solving

Market research for Problem Solving is more focused on making short-term decisions and long-term decisions, including Product, Price, Place and Promotion.

3. Control

Control-Oriented Market Research helps management to find trouble spots and monitor ongoing processes (Churcill, 2005).