Identify The Significant Changes Taking Place In Today's Business Environment That Are Forcing Management Decision Makers To Rethink Their Views Of Marketing Research

1184 words - 5 pages

Desirably, marketing research can be classified or defined as the collection of any facts relevant to a marketing decision. But to be more specific and accurate to the definition, It can be defined that Marketing research is, "The systematic collection, analysis and interpretation of information relevant to marketing definitions", (Hague, Hague & Morgan, 2004 p.11). The word "marketing research" in today's business environment was not as trendy as it is now. There are a few significant changes that have maybe changed this scenario. The few changes that would be mentioned would be in terms of Technology, Globalization, Competitor advancement and the Social economy.The emergence of IT in ...view middle of the document...

"Globalization is not a phenomenon. It is not just some passing trend. Today it is an overarching international system shaping the domestic politics and foreign relations of virtually every country, and we need to understand it as such." (Friedman 2000, p.24)As stated as above by Friedman, "we" refers to the managers of today. Globalization has taken the world of business to yet another phase, a phase where it requires the understanding from managers to take opportunity of it. As the buying and supplying of products and services are becoming more global in the sense of business, the concept of markets that are separated nationally are no longer relevant, except the point where strong differences in consumer preferences and taste exist. As a result from that, the competition amongst the suppliers is intensifying. The challenge of globalization is the restructuring of domestic marketing operations to compete internationally, which, in effect, complicated all aspects of the traditional 4Ps of the marketing mix (Denison & Mcdonald 1995, p.54).In his book The Lexus and the Olive Tree, Thomas Friedman wrote:"[Globalization] can be incredibly empowering and incredibly coercive. It can democratize opportunity and democratize panic. It makes the whales bigger and the minnows stronger. It leaves you behind faster and faster, and it catches up to you faster and faster. While it is homogenizing cultures, it is also enabling people to share their unique individuality farther and wider."It cannot be helped but to agree with Friedman's statement as this is really what is happening in the world of business. Globalization is really influential and is forcing managers to rethink their views on marketing research.When talking about competitor advancement in the shifting of views on marketing research, ponder on this question, when a competitor becomes more advance in determining his target audiences' needs and wants, as a manager of your firm, what will you do? This is an example of a scenario where managers are forced to do marketing research. The feeling of being left behind in the business world is unbearable. When a competitor is in concern, time is the essence. As the world travels more into development, time horizons continue to become more compressed and the pace of change is still accelerating (Denison & Mcdonald...

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