Task 3 Marketing Research

Marketing research is the objective and systematic process of identifying, collecting, analyzing, disseminating, and using information to improve marketing decision-making (Babin & Zikmund, 2015). Marketing research is important as it helps to take out some of the risks from decision-making.
The two main types of research in marketing are exploratory research or problem identification research, and problem-solving research. Exploratory research is aimed at identifying possible sources of opportunities or threats to the business or company that are not apparent on the surface. This kind of research identifies patterns and trends marketing that can be used by managers to make marketing strategies. This research rarely offers actionable conclusions for use in decision-making, but rather is an introduction to further more detailed analysis (Malhotra, 2015). Examples of exploratory research are market share research, market potential research, and forecasting research.
Conversely, problem-solving research is designed to find solutions to specific marketing problems. It is used when the marketing problem is known but cannot be solved using prevailing knowledge (Malhotra, 2015). Examples of problem-solving…