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Market research provides managers with insights that help them create and capture value. It facilitates effective decision making by furnishing managers with the relevant information needed to assess tradeoffs inherent in solving business problems. Market research aims to replace gut-feel choices with evidence-based decisions in which managers supplement their own judgment with data to solve business problems. The essence of marketing research as a process of gathering insights about the market in which the company operates is the focus of this note. The discussion of gathering market insights is complemented by an in-depth overview of two additional topics: the key principles in establishing causality and popular research methods. This note is an excerpt (Chapter 5) from Strategic Marketing Management: Theory and Practice by Alexander Chernev (Cerebellum Press, 2019).
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