“The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing an organization.”
In modern PPTs based on Kotler’s later editions:
Marketing research is crucial for businesses to understand their customers, competitors, and market trends. It helps organizations to identify opportunities, anticipate threats, and make data-driven decisions. Without marketing research, businesses would be making decisions based on intuition, guesswork, or incomplete information, which can lead to costly mistakes (Kotler, 2009). Marketing research provides insights into customer needs, preferences, and behaviors, enabling businesses to develop targeted marketing strategies that meet their needs.
Kotler, P. (2009). Marketing management. Pearson Prentice Hall.
Kotler often includes a slide: – Only when benefits > costs and time is available.