Marketing management practically applies strategies necessary in improving company-related activities to improve its capacity to sell products as well as services. The processes analyze company strategy in addition to its economics (Petrescu & Lauer, 2017). The profiles created foster an understanding of the weaknesses which require improvement efforts to facilitate performance improvements. The current paper aims at elaborating the suitability of quantitative methods in marketing management.
Marketing research necessitates the application of quantitative methods. Quantitative techniques often culminate in the acquisition of reliable data. Furthermore, the data obtained enable the accurate measurement of effects associated with given factors. As such, using the information acquired from analysis increases the validity associated with the resulting outcomes. In such circumstances, it becomes possible to apply the findings to large populations albeit the researchers’ utilization of specific samples (Petrescu & Lauer, 2017). The processes used to acquire participants for a given study occurs randomly. As a result, it reduces chances of bias which could mislead company related efforts.
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Customer preferences undergo numerous changes depending on various aspects pertaining to the industry in which an establishment operates (Šerić & Ljubica, 2018). Quantitative methods of conducting marketing research enable businesses to collect data rapidly through the utilization of surveys as well as experiments. In such scenarios, organizations can quickly compare the findings acquired from quantitative procedures to determine the best approaches of capitalizing on their respective markets. Thus, establishments can execute the strategies emanating from the data acquired in a timely fashion increasing their ability to cater for customer related needs.
The figures acquired from quantitative techniques facilitate the development of future forecasts. In such circumstances, it becomes easier for businesses to make certain plans that impact their operations positively over the long-run. Moreover, company executives can make decisions confidently as a result of the statistical data available. Lastly, quantitative information enables marketers to understand the core needs prevalent within a given targeted segments.
References
Petrescu, M. & Lauer, B. (2017). Qualitative marketing research: The state of journal publication. The Qualitative Report, 22 (9), 2248-2287
Šerić, N., & Ljubica, J. (2018). Qualitative market research methods in the sports industry. In Market Research Methods in the Sports Industry (pp. 167-188). Emerald Publishing Limited.
