1. Identify the significant changes taking place in today's business environment that are forcing management decision makers to rethink their views of marketing research. Also discuss the potential impact that these changes might have on marketing research activities. Please provide adequate references for each of the points in your discussion.
Today's business environment is relentlessly subjected to significant changes. These changes force decision makers to reassess their views of marketing research and also induce changes in the marketing research processes themselves. No longer is marketing seen as a component of the sales branch in a company but it has established a well-deserved status as a vital element of the working of the entire organisational structure.
The growing complexities of today's market place have given rise to the business philosophy of total quality management. This practice "...focuses on integrating customer-driven quality throughout an organisation with continuous improvement of product quality and service" (Zikmund 2003, p.
8). Firms are now addressing problems from the perspective of their customer which in turn places a greater emphasis on the importance of marketing research.
There are a great many changes constantly occurring within the current business environment. Some of the prominent broad categories of change would include:
The global business environment, competition, and consumer demand is ever shifting. It appears that the only constant in today's business environment is change. With this in mind, consumer attitudes, perceptions, and preferences must be carefully taken into consideration when developing and launching new products into the market. Management decision makers must recognise and understand market trends, demographic and social changes, technological change and any other overall developments when they prepare marketing strategies for their products and services.
The "Information Explosion" has seen the shift of a great deal of...