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How Marketing Research Is Used To Identify And Exploit Business Opportunities
Marketing research is used to understand consumer needs and develop better methods to meet those needs efficiently. This is helpful for organizations to identify and exploit business opportunities. It is difficult for organizations to identify their customers, target markets, potential opportunities, strengths and weaknesses without taking into account data and information from market research. Running a business without market research is the equivalent of driving down a road blindfolded. One is unable to see what is around in order to make the right decisions. Utilizing marketing research is the equivalent of giving the driver the added benefit of sight, GPS information, feedback from the environment and other drivers. Aaker, Kumar, Leone, and Day (2012) outline that market research improves organizations' ability to make product decisions, study the impact of marketing, determine trends and perceptions, keep stakeholders happy, and quantitatively analyze market forces.
Marketing research essentially provides information to the marketer about the general public, the consumer and the customer. The American Marketing Association Board of Directors (2014) states that this information is "used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process." It is important to note that marketing research determines clearly defined information that is needed to address the specific objective of the marketer. After this is determined a method is developed to collect data, analyze results and communicate findings and their implications (American Marketing Association, 2014).
Organizations rely on making the right decisions in order to increase market share. In order to make the right decisions it is important to have reliable data. It is now possible to cover a store with invisible wireless sensors to allow researchers to track traffic in various parts of a store. This helps retailers understand where shoppers stop, linger, and, when combined with scan data, actually purchase product. Marketing research is executed by combining the use of these sensors (data collection) and analyzing the retailers' recent advertisements helps to give insights into causes of behavior (Babej, 2009). Marketing research in this manner can also help determine the intention to buy and actual purchases so that a retailer can understand and correct issues that might cause disruption between intent and purchase, or conversely, increase awareness, intent, and purchases. As a result of this type of data, ...
This detailed solution provides information and examples of why marketing research is important for companies to identify and exploit opportunities. Includes APA formatted references.