I (Meaning and importance of Exports) Unit Structure

 
5.2.2 NEED AND INPORTANCE OF MARKETING RESEARCH 
The objective of marketing research is to facilitate decision 
making in a number of marketing areas. In international marketing. 
Market research is needed for taking decisions on the following: 
(a) 
Consumer needs and wants- 
 
One of the main objectives of marketing research is to 
identify consumer needs and wants. Accordingly, the company can 
manufacture and deliver the goods to the consumers to meet their 
satisfaction. A company which has already launched its products 
will try to fi
nd out as to what extent the company‟s products has 
satisfied the needs and wants of its consumers. 
(b) 
Promotional campaigns- 

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Promotional campaigns are needed in overseas market for 
large scale marketing of the product. Details of such campaigns 
can be finalized with the help of market research.
(c) 
Competitive advantage- 
Marketing research is conducted to find out the strength of 
the competitors. An attempt is made to find out why some 
consumers prefer competitors brands, the special features that 
appeal to them. Accordingly, the company may incorporate and 
improve on such features in its products to gain competitive 
advantage. 
(d) 
Appropriate pricing decisions- 
Appropriate pricing decisions in overseas marketing are 
possible through detailed study of overseas market in regard to 
market competition, consumer psychology, Product demand, 
substitutes available and so on. 
(e) 
Effectiveness of channels of distribution- 
 
Marketing research also conducted to find out the 
effectiveness of the present and potential channels of distribution. 
The existing channels may be studied in light of channel objectives. 
If the present channels are not cost effective and are not in a 
position to deliver the goods effectively, then the company may 
select alternative channels.