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Identify The Significant Changes Taking Place In Today's Business Environment That Are Forcing Management Decision Makers To Rethink Their Views Of Marketing Research

1084 words - 4 pages

Identify the significant changes taking place in today's business environment that are forcing management decision makers to rethink their views of Marketing Research.Desirably, marketing research can be classified or defined as the collection of any facts relevant to a marketing decision. But to be more specific and accurate to the definition, It can be defined that Marketing research is, "The systematic collection, analysis and interpretation of information relevant to marketing definitions", (Hague, Hague & Morgan, 2004 p.11). The word "marketing research" in today's business environment was not as trendy as it is now. There are a few significant changes that have maybe changed this scenario. The few changes that would be mentioned would be in terms of Technology, Globalization, Competitor advancement and the Social economy.The emergence of IT in the business world has really brought the view marketing research into a different perspective. Marketing research used to be dominated by large companies who hired a large number of people, equip them with pens, clipboards and set them free to the general public to be interviewed face-to-face(O'Connor & Galvin 2001, p.39). But not anymore, as IT has revolutionized the process by which the marketing research is conducted. Marketing research was not as popular in the olden days as it is today because technology was not as advance as it is now and all the work would have been done manually, which takes time, and money. Data collection in those days were tough, the employees would have to fight the heat and rain to collect these meaningful data. But with the emergence of IT, your data will just be a click away. Now, they have even invented the CAPI (Computer Assisted Personal interviewing), and the CATI (Computer Assisted Telephone Interviewing), which are done by computers (O'Connor & Galvin 2001, p.41). As a result of this, marketing research is now not as expensive, as time consuming as in the olden days. That is why managers nowadays have taken this opportunity to rethink their views on the subject."Globalization is not a phenomenon. It is not just some passing trend. Today it is an overarching international system shaping the domestic politics and foreign relations of virtually every country, and we need to understand it as such." (Friedman 2000, p.24)As stated as above by Friedman, "we" refers to the managers of today. Globalization has taken the world of business to yet another phase, a phase where it requires the understanding from managers to take opportunity of it. As the buying and supplying of products and services are becoming more global in the sense of business, the concept of markets that are separated nationally are no longer relevant, except the point where strong differences in consumer preferences and taste exist. As a result from that, the competition amongst the suppliers is intensifying. The challenge of globalization is the restructuring of domestic marketing...

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